German utility Thuringer Energie (TEAG) acquired a 50.1% stake in solar project developer Innosun. The deal also includes the acquisition of a 50% stake in Innosun Service, which provides maintenance services for solar projects.
Innosun develops, builds, operates, and maintains solar projects throughout Germany. The company has already implemented 174 projects, including ground-mounted parks and rooftop installations, with a combined capacity of 70 MW, and services solar projects of more than 32 MW.
TEAG is active in photovoltaics and related services with its wholly-owned subsidiaries KomSolar Service and eness. Together with TEAG – Innosun plans to expand its PV portfolio and enter new markets such as e-mobility, storage, or hydrogen production.
The financial terms of the deal were not disclosed. “The entry of TEAG opens up new possibilities and opportunities for our company in our core business. For example, we benefit from TEAG’s network of municipal contacts when acquiring areas for solar use,” says Innosun Managing Director Michael Krause.
“We also see extensive synergies, for example, for larger projects, where joint project teams can plan and implement faster. We also have access to TEAG know-how, for example, in storage systems, marketing, or energy networks,” he added.
“With this partnership, TEAG and Innosun are bundling their expertise and potential for the urgently needed photovoltaic expansion. This gives us the opportunity to become one of the leading photovoltaic developers,” says TEAG CEO Stefan Reindl, explaining the strategy behind the share purchase. “The new size also gives us a competitive advantage, for example, when it comes to retaining specialist staff, marketing PV electricity, or entering PV-related business areas such as e-mobility, storage, or hydrogen production,” he added.
According to Mercom’s recently published Q4 2021 solar funding and M&A report, m&a activity in the solar sector soared with 126 transactions in 2021 compared to 62 in 2020. There were 43 solar m&a transactions in Q4 2021, compared to 29 solar m&a transactions in Q3 2021. In this quarter, five electric utilities acquired three project developers.