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

Latest

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.

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.

14 March 2023
PV CellTech will be return to Berlin on 14-15 March 2023 and looking at the competing technologies and roadmaps for PV cell mass production during 2024-2026.
27 June 2023
Join us in London for 2 days as we look at the UK’s new landscape for utility & rooftop solar. Understand the new opportunities within this GW-plus annual market!

Read Next

Subscribe to Newsletter

Most Read

Upcoming Events