March 31 (Renewables Now) - UK solar project developer Solarcentury has sold its residential photovoltaic (PV) business to Swedish installer Svea Solar for an undisclosed sum.
The deal involves Solarcentury’s operations in the Netherlands, Belgium and Germany, the London-based company said on Tuesday. It explained that the move will allow it to better focus on expanding its core utility-scale operations. According to the statement, it has a 5-GWp pipeline of solar projects in Europe, Latin America and Africa.
The residential business brought less than 10% of Solarcentury’s global revenues in its last financial year.
Svea Solar currently operates in its home market and in Spain. Under the Solarcentury deal, the company will get hold of the UK firm’s partnership with Ingka Group, which operates 374 stores of Swedish furniture retailer Ikea in 30 countries. This enables Svea Solar to install home solar kits bought at Ikea stores in the three new countries covered by the agreement. The residential solar installer already has a similar contract with the furniture chain in Sweden.
The acquisition will become effective on April 1, 2020, and will see 40 of Solarcentury's employees get transferred to Svea Solar.