Investment firm Altor Fund V has acquired a significant minority stake in residential solar company Svea Solar with a major investment aimed at accelerating the installer’s expansion in Europe’s residential rooftop market.
Altor will acquire all shares of current shareholder Axsol AB, becoming the lead investor Svea Solar, which it intends to grow to become Europe’s residential solar market leader, covering 80% of the continent by 2026.
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Altor’s investment will help the Swedish solar company grow and expand its geographical presence in the continent, currently present in five markets (Sweden, Spain, Germany, Belgium and the Netherlands), and with it its staff numbers, from the current 700 employees to add more than 5,000 by 2025.
Moreover, Svea Solar’s financial target for this year is to double its revenue figure from the €100 million (US$109.73 million) achieved in 2021, while doubling its staff numbers by the end of the year.
Erik Martinson, CEO and co-founder of Svea Solar, said: “This enormous contribution from an experienced and engaged investor like Altor will enable us to further contribute to a more sustainable, resilient, and independent energy system.”