Europe Solar PV News Snippets

Otovo To Pursue Profitability With NOK 450 Million Equity Raise & More From Uniper, Ilmatar, Technique Solaire

Europe Solar PV News Snippets

Otovo’s latest equity raise was completed by its existing shareholders, including The Norwegian Government Climate Investment Fund Nysnø. (Photo Credit: Otovo)

Norway’s Otovo raises NOK 450 million; Uniper working on 280 MW solar in Hungary; Finland’s Ilmatar secures €500 million; Technque Solaire bags €200 million from existing shareholders. 

Otovo’s capital raise: Norway-based online marketplace for solar and battery storage for homeowners Otovo has announced a capital raise of NOK 450 million ($41.4 million). Raised from its existing shareholders Å Energy, Axel Johnson Group and Nysnø (The Norwegian Government Climate Investment Fund), the equity will be used by the company to aggressively build up its position across Europe and for general corporate purposes. It plans to reach profitability through sales volume growth, operational cost improvements and monetization of its subscription assets. Otovo said it plans to carry out a repair issue of up to 17.4 million shares at the same price and a restructuring of its option program to key employees. The company has now raised NOK 1,100 million ($101.4 million) and NOK 700 million ($64.5 million) in equity in 2 issues in 2023. 

Uniper’s Hungarian solar bet: Germany’s Uniper has jointly developed a portfolio of 6 PV projects with 280 MW combined capacity with its local Hungarian partner Callis Zrt. These projects are at a ready-to-build stage with all requisite permits in place. Projects are expected to connect to the grid in 2026 and commence electricity production in 2027. 

€500 million for Ilmatar: Finland-based independent power producer (IPP) Ilmatar has secured a group level debt financing package of €500 million ($544 million), in a transaction led by Copenhagen Infrastrcuture Partners (CIP) through its Green Credit Fund 1. Other participants include Kommunal Landspensjonskasse (KLP), P Capital Partners (PCP) and accounts managed by CIP. Ilmatar says it has secured more than €1 billion in equity and debt funding for its growth strategy over the past 5 years. 

Technique Solaire plans to expand its business and strengthen its existing business with €200 million raised. (Photo Credit: Technique Solaire)

Technique Solaire raises finance: French renewables IPP Technique Solaire Group has raised €200 million ($217 million) from its existing shareholders Bpifrance and Crédit Agricole Group, via its holding company JLT Invest. It says the proceeds will enable it to accelerate growth in energy production, intensify innovation strategy and strengthen international presence. The company works significantly in the agrivoltaics space, along with operating more than 450 MW in various installations as buildings, rooftops, carports, ground mounted solar installations. By 2030, it aims to grow its PV power generation capacity to 4 GW. 

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power. --Email: [email protected]

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