Otovo secures US$130million to expand European distributed solar marketplace

January 27, 2023
Facebook
Twitter
LinkedIn
Reddit
Email
A residential solar system in Sweden. Image: Otovo.

Norwegian distributed solar marketplace Otovo has secured €120 million (US$130 million) in debt and equity financing to expand its residential solar portfolio across Europe.

The financing was secured in €100 million (US$108 million) in debt financing from DNB Bank ASA and SpareBank 1 SR-Bank, and an additional €20 million (US$21.7 million) in equity from existing investors AxSol AB, Nysnø Klimainvesteringer, Agder Energi Invest and OBOS.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Otovo plans to use the money to expand its residential solar offerings, aiming to construct 12,500 new solar assets. Once the deal is closed, the company’s asset portfolio will be worth around €2 billion (US$2.17 billion), consisting of approximately 80-105MW of solar power and battery assets.

The company also released its Q4 2022 financial results, posting NOK205 million (US$20.7 million) in total revenues, more than double the same quarter of 2021. It also said that it installed 82% more solar year-on-year in Q4, and forecast that its presence in six countries will become profitable in the first half of this year.

“With 12,000 solar subscription assets, Otovo will own and operate a very large distributed power plant. In fact it will be equivalent to some of the largest solar power plants in Europe,” said Andreas Thorsheim, CEO and founder of Otovo.

In February 2022, the company raised US$34 million through a private placement to establish its presence in six new European markets.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

October 28, 2025
GreenYellow plans to invest US$116 million in Poland over the next three years to expand its installed capacity and customer base.
Premium
October 28, 2025
BESS are 'the new player that everyone is talking about,' in Europe’s power purchase agreement (PPA) space, according to LevelTen.
October 28, 2025
GoldenPeaks Capital secures EUR114 million (US$132 million) financing package for two solar PV Portfolio in Poland.
October 28, 2025
Chinese solar inverter producer GoodWe has launched a new “low noise, low weight” string inverter for the European corporate & industrial solar market.
October 28, 2025
Fotowatio Renewable Ventures (FRV) Australia has announced the development of a 210MWdc solar project in New Zealand's Rangitikei District.
October 27, 2025
Chinese engineering firm Shanghai Electric has signed an engineering, procurement, and construction (EPC) contract with independent power producer (IPP) Econergy to build a 342MW solar PV plant in Romania.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
November 12, 2025
10am PST / 1pm EST
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany