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

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 8, 2025
Saatvik Green Energy has secured new solar PV module orders worth more than INR7 billion (US$84 million), to be delivered in this financial year.
October 8, 2025
Australia's NEM achieved a new minimum operational demand record of 9,666MW, marking a 4% decrease from the previous record.
October 8, 2025
Frontier Energy plans to expand its Waroona Renewable Energy Project into a renewable energy precinct by 2031, targeting up to 1GW solar.
October 7, 2025
Econergy will acquire 100% stake in the 155MW Ratesti solar project in Romania, further expanding its European renewable energy portfolio.
October 7, 2025
Juniper Green Energy through its subsidiary Juniper Green Sigma Eight has signed a 70MW power purchase agreement with renewable energy giant Tata Power. 
October 7, 2025
Solar PV will account for almost 80% of the 4.6TW of new renewable power expected to be added by 2030, according to the International Energy Agency (IEA).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK