Polish solar developer and power producer R.Power Group is acquiring domestic photovoltaic (PV) equipment wholesaler Menlo Electric, broadening its footprint to ten European Union (EU) markets and preparing the ground for the purchase of more than 1 GWp of modules in 2022.
The buyer is acquiring the shares in Menlo from solar systems developer Edison Energia, which is itself in the process of being acquired by Polenergia.
The transaction will give R.Power access to existing direct relationships with manufacturers like Jinko, Risen, SolarEdge, Sungrow, FoxESS and BAKS, according to a statement issued on Wednesday.
Menlo Electric provides equipment and services to installers and distributors in the renewable energy sector. It is active in markets such as the Netherlands, Estonia and Bulgaria, in addition to its home country. The company expects the tie-up to grow its sales outside Poland to at least 60% from around 30% this year.
"Wholesale is a frequently overlooked link in the PV value chain dominated by investors, developers and installers. However, in the world of unstable prices and supply disruptions, wholesalers will play an instrumental role in managing these risks for other industry players," R.Power CEO Przemek Pieta said. He added that the deal will help the group to better leverage its presence across the EU, purchasing power and financing capabilities.
R.Power Group is developing a portfolio of solar farms in Poland with a capacity of over 5 GWp. The company also has projects in other European countries such as Italy, Spain and Portugal.
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