UK-headquartered solar developer Solarcentury has sold its residential solar arm to Svea Solar, allowing the firm to refocus its efforts entirely on utility-scale developments.
The deal, which has been agreed for an undisclosed sum, will see Sweden’s Svea Solar take on Solarcentury’s residential solar interests in Netherlands, Belgium and Germany, effective tomorrow (1 April 2020).
The agreement will see 40 of Solarcentury’s employees working on its residential unit transfer to Svea.
Also included in the deal is ownership of Solarcentury’s partnership with IKEA, which has seen the company exhibit and sell domestic solar and storage technologies in the furniture giant’s stores throughout Europe.
The residential arm contributed less than 10% of Solarcentury’s global revenues in its previous financial year, the company disclosed.
Frans van den Heuvel, chief executive at Solarcentury, said that now was the “right time” to transfer ownership of the residential arm of the business given the “significant expansion” of its large-scale operations.
“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,” he said.
It is unclear, however, whether the sale of Solarcentury’s residential business is linked in any way to a wider sale of Solarcentury outright, first mooted by the company early last year. Solarcentury was first reported to be exploring a potential sale in April of last year, later confirmed by the company as it sought the resource to pursue a multi-GW, pan-global pipeline of PV projects.
Chief executive Van Den Heuvel told sister publication Solar Power Portal last June that the sale was necessary to help take Solarcentury to the “top tier” of solar development worldwide, however since then there has been no substantial update on the sale’s progress.
In a statement issued to PV Tech today, a spokesperson at Solarcentury said there was no further update on the sale process to make at this time, stressing the firm’s current focus to be on “delivering long-term growth and profitability through the conversion of its 5GWp global pipeline of solar development assets”.
Jan 20, 2021 GMT
Virtually all PV modules for large-scale utility-based solar sites are imported to the US, especially from Chinese companies using manufacturing sites across Southeast Asia. This puts extreme pressure on US site developers, EPCs and investors, in understanding fully the differences between the companies offering imported PV modules How credible are the companies supplying the products? What is the financial health of the parent entity? Where is the module produced, and is this undertaken in-house or through third-party OEMs? What is the supply-chain for the module sub-components including wafers and cells? And then, how will the modules perform in the field, and is it possible to gauge reliability levels benchmarked against competitors? This webinar will provide insights from two of the leading experts in PV module manufacturing, supply, performance and reliability: Jenya Meydbray of PV Evolution Labs and Finlay Colville from PV-Tech. The 1-hour session will include presentations from Jenya and Finlay, and then a brand-new supplier scorecard matrix that combines the key outputs from PVEL's Module Reliability Scorecard and PV-Tech's PV ModuleTech Bankability Ratings, with specific focus on module supply and use in the US market.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.