Germany's Mainova invests in Lorenz Energie to boost solar PV business

German regional energy company Mainova AG (FRA:MNV6) has acquired a 49.9% stake in local Lorenz Energie GmbH as part of a capital increase in an effort to further expand its solar PV and landlord-to-tenant electricity operations.

Lorenz Energie, based in Gruendau-Lieblos in the state of Hesse, offers energy-efficient building and electrical engineering services for photovoltaic systems, energy storage, smart homes, electric mobility and heat pumps.

The two companies will seek to master the challenges of the energy transition together and further expand their partnership from the past years, said Lorenz Energie's managing director Mike Lorenz.

The financial terms of the deal were kept under wraps.

Mainova provides electricity, natural gas, water and heat to more than one million customers in Frankfurt am Main and the region. Earlier this month, the multi-utility company announced that all of its household customers will receive green electricity from the start of next year. The electricity will be sourced from European wind, solar and hydropower plants.

In addition to purchasing electricity, Mainova is expanding its own generation portfolio. The firm is taking part in a large solar project in Germany whose construction is scheduled to start in 2022 and will boost its own renewables portfolio to over 200 MW.

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