EAB Private Equity and Tesi Invest €15 Million in Solnet Green Energy to Help Europe Become Energy Independent
EAB Private Equity and Tesi (Finnish Industry Investment) have invested 15 million euros in Solnet Green Energy, a Finnish solar energy company.
Solnet will be able to accelerate its growth in Europe's fast-growing regions thanks to the funding. Arttur Kulvik and Kaj Kangasmäki, the company's founders, will remain the major stockholders. Dr Tapio Alvesalo, Dr Winfried Hoffman, and Philip Wolfe are photovoltaic industry pioneers and former presidents of the European industry group SolarPower Europe, and the company was created in 2014.
Solnet's revenue has tripled in the last four years, and the company is now the fastest-growing provider of renewable energy services in Europe. Solnet assists large and medium-sized businesses in Europe in meeting their sustainability objectives. The company's major markets are currently Germany, Finland, the Netherlands, and Poland, although clients from throughout Europe are exhibiting an interest in Solnet's services.
In the last ten years, the cost of photovoltaic systems has plummeted by almost 90%, making solar energy the cheapest and cleanest option to generate electricity. Solnet has delivered over 400 solar utilities to customers, including IKEA, DHL, Lidl, and Kesko, as well as several big asset managers, insurers, and logistics firms. The investment will also contribute to the expansion of ancillary services available to clients, such as energy storage and energy management systems.
The unique potential of solar energy to replace the energy shortfall caused by Europe's energy transformation, as well as its good impact on the environment in terms of lowering CO2 emissions, is driving the expansion of the solar sector. Europe's ambition of becoming more energy independent is boosting market development, and recent increases in electricity prices have enhanced the profitability of photovoltaic investments even further.
Kaj Kangasmäki, CEO of Solnet Green Energy, commented: "The market potential for solar energy is huge and growing fast. Solnet aims to become a leading provider of solar power solutions to corporations in Europe by 2024. We want to accelerate the development of an energy-independent Europe, and with additional capital, we can help more and more companies reach a carbon-neutral future. We are delighted that EAB Private Equity and Tesi want to be involved in this development."
Kalle Kekkonen, the Managing Partner at EAB Private Equity, said: "Solnet is a great fit with our sustainability-driven investment strategy. Strong megatrends such as zero emissions, investments in renewable energy and energy independence, combined with Solnet's competitive advantages, create an excellent platform for growth. In Europe, the share of solar as an energy source is set to double in just a few years. As an active owner, we look forward to supporting Solnet’s management team in implementing the ambitious growth plan."
Heli Kerminen, Investment Director at Tesi, said: "Our investment in Solnet promotes both Tesi’s ‘Renewable energy and energy efficiency’ impact theme as well as sustainable development goals. It also supports the pursuit of carbon neutrality and energy independence in Finland and Europe. We want to be on board in further accelerating Solnet’s strong growth and internationalisation in the European key markets."
Source: PV Magazine