British PV project developer Solarcentury will tomorrow complete the sale of its residential solar business to Swedish installer Svea Solar for an undisclosed sum.
The Engine MHP communications company employed by Solarcentury told pv magazine Svea Solar did pay for the acquisition but that the amount would not be announced.
The deal will expand Svea’s Swedish and Spanish residential operation to include the Netherlands, Belgium and Germany, where Solarcentury’s residential market is. London-based Solarcentury does not operate its residential business in the U.K. and a spokesman for Engine MHP confirmed the exit of the U.K. from the EU at the end of this year had nothing to do with the decision to sell.
The divestment of the residential business will enable Solarcentury to focus on a 5 GWp project pipeline in Europe, Latin America and Africa and the communications agency said the project business had expanded 119% in 2018-19 and grew again in the current financial year.
Svea, which already installs home solar kits bought at furniture retailer Ikea in Sweden, will take on the Ikea-related business carried out by Solarcentury in the Netherlands, Germany and Belgium as part of the acquisition.
A Solarcentury statement about the deal said 40 staff would transfer to Svea Solar.
With the British company stating the residential business supplied less than 10% of its revenue in the last financial year, the Engine MHP spokesman said the only impact on Solarcentury’s SolarAid charity – which supplies pay-as-you-go solar installations to African homes – would come from any slight dip in profits as a result of the transaction. SolarAid is funded by a 5% slice of Solarcentury profits.