Galileo, a European renewable energy development and investment company, has announced the acquisition of an additional 65% stake in Pagra, a company that develops and installs utility-scale solar photovoltaic systems. Having initially secured a 35% minority stake in July 2022, GALILEO now fully owns PAGRA, aiming to accelerate the company’s growth strategy.
The company is expected to enter the Energy-as-a-Service (EaaS) space after acquisition.
Ingmar Wilhelm, co-founder, and Chief Executive Officer, Galileo: “The investment in PAGRA reinforces our strong commitment to delivering innovative renewable energy solutions to customers throughout Europe and marks an important milestone in our long-term dedication to the Polish energy market. In Poland, we are as well developing a pipeline of renewable energy projects, including solar PV, onshore wind, and battery storage utility-scale projects. We are excited to continue our successful collaboration with PAGRA’s talented team and look forward to achieving new accomplishments together”.
Galileo said it has an active pipeline of over 12 GW of solar PV, storage, wind onshore, and offshore projects across 10 European countries.
According to Mercom’s recently released 1H and Q2 2024 Solar Funding and M&A report, in the first half of 2024, there were 40 solar M&A transactions, compared to 48 in the first half of 2023. The largest deal was by Brookfield Asset Management, an asset management firm along with institutional partners including Brookfield Renewable and Singapore’s Temasek Holdings.
Altarea, a French-based real estate company, has recently acquired Prejeance Industrial, a rooftop solar development company, from the Spanish group Repsol. This acquisition will help expand the photovoltaic installation development platform in France that the Group implemented in 2023 as part of the new activities segment of its strategic roadmap.
