Acquisition expands Svea's European operations into the Netherlands, Belgium and Germany
31 March 2020: Svea Solar, the leading installer of residential solar systems in Sweden, today announces that it has acquired the residential solar business of Solarcentury, the global integrated solar power company, for an undisclosed sum.
The acquisition, which adds the Netherlands, Belgium and Germany to Svea Solar's existing solar operations in Sweden and Spain, took effect on 1st April 2020 with 40 people in Solarcentury's residential business unit transferring to Svea Solar.
Under the terms of the transaction, Svea Solar has also taken ownership of Solarcentury's long-running business partnership with Ingka Group (a strategic partner in the IKEA franchise system, operating 374 IKEA stores in 30 countries) for the delivery of its home solar offer in the Netherlands, Germany and Belgium. Svea Solar already works with Ingka Group to provide the home furnishing retailer's home solar offer in Sweden where it was selected based on its strong track record of delivering excellent value to homeowners.
This acquisition will allow Solarcentury to focus on expanding its core international operations; to develop, build, own and operate utility-scale solar projects while delivering its 5GWp pipeline across Europe, Latin America and Africa. The residential business accounted for less than 10% of Solarcentury's global revenues in its last financial year.
Erik Martinson, Co-Founder of Svea Solar, said:
"Homeowners continue to adopt solar as a proactive way to manage bills and to help create a better future. And with the continuing cost down of solar, the residential market continues to grow. We are delighted to be expanding our presence in Europe with this acquisition of Solarcentury's residential business. The team brings a wealth of experience and enthusiasm."
Frans van den Heuvel, CEO of Solarcentury, said:
"Solarcentury has been in the business of residential solar since its inception more than 20 years ago. However, with significant international expansion of our utility-scale operations in recent years now is the right time to transfer the residential business to a new owner who can invest in and grow it for the long term.
"With its sole focus on residential solar and its reputation in the industry for innovation and customer service, Svea Solar is the ideal guardian to take this business forward. Like Solarcentury, Svea is passionate about the role that solar will play in tackling climate change, so culturally this is also a good fit for our residential colleagues, who we firmly believe will go from strength to strength under Svea's ownership."