Solar developer R.Power Group is expanding its presence in its home country of Poland through the acquisition of Poland-based PV equipment wholesaler Menlo Electric.
Menlo Electric sells in 10 EU countries and has established relationships with “top quality manufacturers like Jinko, Risen, SolarEdge, Sungrow, FoxESS, BAKS”, according to an R.Power media statement.
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R.Power said the acquisition provides an excellent platform for R.Power to scale its wholesale business, with the combined group looking to procure more than 1GW of modules next year.
The wholesale market is “frequently overlooked” by investors, developers and installers, said R.Power’s CEO Przemek Pieta, adding that “in the world of unstable prices and supply disruptions, wholesalers will play an instrumental role in managing these risks for other industry players”.
Last month, R.Power released a tendering programme for PV modules, structures and other components worth nearly €200 million (US$231 million) as it seeks to build its solar pipeline in Poland.
This followed its entry into the Romanian solar market through a partnership with an unnamed renewable energy company that will see the two develop a solar portfolio totalling 100MW.
The amount the acquisition was worth was not disclosed by R.Power.
PV Tech publisher Solar Media is hosting the Large Scale Solar: Central & Eastern Europe conference between 16 – 17 November 2021 in Warsaw, Poland. The event will bring together developers, EPCs and other solar stakeholders in the CEE region. More information, including how to attend, can be read here.