US-based renewable energy software provider Power Factors has announced its second European acquisition in as many months, securing a deal to acquire German peer 3megawatt.
The transaction, which is expected to close on 31 May 2021, will see Power Factors expand following its purchase of Sweden-based clean energy software developer Greenbyte last month, and grow to support some 110GW of solar and wind assets globally.
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3megawatt aims to help its clients improve the management of their renewables assets by centralising project information, creating standard workflows for day-to-day activities and by automating repetitive tasks like invoicing and reporting.
Edmée Kelsey, CEO at 3megawatt, said the combination of the firms’ capabilities into one platform will see them take advanced analysis and collaboration “to the next level”, adding: “This will enable portfolio owners to extract more value out of their assets, which we hope will contribute to an even faster adoption of renewable energy.”
Power Factors said the combination of its analytics capabilities for identifying performance losses with the commercial and financial data from 3megawatt’s software “will provide unique new insights for asset managers”.
The transaction follows a series of announcements in the renewables software space in recent months, including a new service from certification company UL that aims to help developers evaluate the profitability of utility-scale solar, wind and storage systems.
Canadian Solar, meanwhile, last week revealed an investment in UK-based software provider Habitat Energy, a deal the company said would allow it to help developers and owners of battery storage assets capture additional revenue from trading optimisation, while also improving grid stability.