ACCIONA Energía, a renewable energy company, announced the acquisition of a majority stake in Solideo, a provider of self-consumption and solar energy solutions for residential customers and small and medium-sized enterprises (SMEs) in Spain.

Solideo offers products and services to help customers reduce their energy bills and carbon footprint, such as photovoltaic solar panels, batteries for electric storage, charging points for electric vehicles, and aerothermal air conditioning systems.

Based in Barcelona, Solideo has completed nearly 2,400 residential installations in 2022, as per the press release and serves institutional and corporate clients such as the Department of Education of the Generalitat de Catalunya, the City Council of Reus, the Chemical Institute of Sarriá, Allianz or Veritas. The company has recently expanded its presence to Madrid, Malaga, and Alicante and aims to achieve nationwide coverage in the coming years.

ACCIONA Energía already offers energy services in Spain to corporate clients and public bodies such as Unibail Rodamco, Merck, González Byass and the City Council of Gijón, among others. The integration of Solideo will allow ACCIONA Energía to access the domestic and SME self-consumption and energy solutions businesses, which have a high potential for growth in Spain.

According to data from the Spanish Photovoltaic Union (UNEF), self-consumption of electricity grew in Spain in 2022 to 5.2GW (+108%), split between industrial (47%), residential (32%), commercial (20%), and isolated (1%). The National Markets and Competition Commission (CNMC) estimates that this type of electricity consumption will reach 15.6 GW in 2025.

The European Union (EU) also approved last May the European Solar Roof Initiative, which estimates that this type of technology could meet 25% of the EU’s electricity consumption with an appropriate deployment strategy.

According to Mercom’s Q1 2023 Solar Funding and M&A Report, 27 solar M&A deals were transacted in Q1 2023 compared to 38 in Q4 2022. In a YoY comparison, M&A activity decreased slightly compared to Q1 2022. Recently, FuturaSun, a manufacturer of PV solar panels, acquired Solertix, a perovskite solar cell start-up in Italy.