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.
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.