Picture credit: Otovo
Oslo-based Otovo, a web-based market for residential photo voltaic and battery installations, introduced on Wednesday that it has secured €120M in debt and fairness shares placement.
The €100M (€50M + €50M) debt financing comes from DNB Financial institution ASA and SpareBank 1 SR-Financial institution, respectively, and can allow the development of 12,500 photo voltaic subscription belongings.
“With 12.000 photo voltaic subscription belongings, Otovo will personal and function a big distributed energy plant. In reality, will probably be equal to among the largest solar energy vegetation in Europe,” says Andreas Thorsheim, CEO and founding father of Otovo.
The absolutely assured €20M fairness is supplied by way of a non-public placement by the corporate’s largest shareholders AxSol AB, Nysnø Klimainvesteringer, Agder Energi Make investments, and OBOS.
The photo voltaic firm says that after the financing is absolutely utilised, its subscription asset portfolio can have a price of NOK2B and consist of roughly 80-105 MW of solar energy and battery belongings.
The corporate additionally says that the proceeds from the spherical will drive a clear power future throughout Europe by selling power independence for 1000’s extra European households.
The announcement comes a yr after elevating €30M in a funding spherical led by photo voltaic investor Axel Johnson.
Otovo: What you could know
Based in 2016 by Andreas Bentzen, Andreas Thorsheim, Lars Syse Christiansen, and Simen Fure Jorgensen, Otovo is a web-based market for photo voltaic installations.
{The marketplace} organises a community of greater than 500 native, high-quality power installers which have been vetted completely.
By its proprietary know-how, Otovo analyses the potential of any residence and finds the perfect value and installer for purchasers based mostly on an computerized bidding course of between obtainable installers.
“We’ll present Europe with vital quantities of the inexperienced energy that’s crucially wanted to beat the facility scarcity and environmental crises,” provides Thorsheim.
The buyers
“DNB will drive sustainable transition by financing and facilitating sustainable actions value NOK 1 500 billion by 2030. We’re comfortable to help Otovo of their mission, which is able to present simpler entry to renewable power for people throughout Europe,” says Trine Loe, EVP of Future & Tech Industries in Company Banking in DNB.
“The partnership with Otovo is a crucial step to attain this ambition and reveals how Norwegian banks can take a number one place in supporting the power transition,” says Tore Medhus, director of huge corporates in Spb1 SR-bank.