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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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.

11 March 2025
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

February 17, 2025
Germany is poised to introduce new rules aimed at removing electricity peaks and negative pricing associated with surplus generation of solar power.
February 17, 2025
Lee Zeldin said the EPA should "reassume responsibility" for funds issued under the Greenhouse Gas Reduction Fund.
February 17, 2025
Meridian Energy, a New Zealand state-owned energy company, has secured planning consent for its 120MW Ruakākā Solar Farm in Tai Tokerau Northland.
Premium
February 14, 2025
“As the market develops, there’s more sophisticated views of the market,” said Aldevinas Burokas at Solar Finance & Investment Europe 2025.
February 14, 2025
Muswellbrook Shire Council in New South Wales, Australia, has backed a solar module recycling mandate for a 135MW solar PV plant being developed by Swedish solar developer OX2.
February 13, 2025
A report from CEA says that the impact of the new Republican administration on the provisions under the IRA remains “uncertain”.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 17, 2025
London, UK
Solar Media Events
February 19, 2025
Tokyo, Japan
Solar Media Events
March 11, 2025
Frankfurt, Germany