Svea Solar targeting market leading position in Europe’s residential PV market after Altor investment

Facebook
Twitter
LinkedIn
Reddit
Email
Altor’s major investment in Svea Solar will help the Swedish company grow its residential solar presence in Europe. Image: Svea Solar.

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.

This article requires Premium SubscriptionBasic (FREE) Subscription

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

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.”

Read Next

June 20, 2024
Greater supply chain independence is a priority for companies in the solar sector, according to Hardeep Singh at Intersolar Europe 2024.
June 20, 2024
A study exploring the feasibility of resurrecting PV manufacturing in Germany and Europe more widely has identified an eight-cent-per-watt cost gap between modules produced in China and those produced locally.
June 20, 2024
Installed solar PV capacity in Germany is expected to stabilise at 22GW per year from 2026 onwards, according to a report from the German Solar Association (BSW-Solar).
June 20, 2024
EU inverter companies' market share is shrinking due to a lack of domestic support policies and fierce competition from China.
June 20, 2024
Ensuring effective legislation, but not getting bogged down in bureaucracy, could make or break the EU’s Net Zero Industry Act (NZIA), which is set to come into effect in 2026.
June 20, 2024
The smarter E Award has five categories in total, including photovoltaics, energy storage, e-mobility, smart integrated energy and outstanding projects.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia