Otovo, a home energy service provider in the U.S. and Europe, has entered into a definitive agreement to acquire select assets of Soly Holding, a Netherlands-based residential solar company with operations across the Netherlands, Belgium, Germany, Austria, Italy, and the U.K.
The transaction is expected to close in December 2025, subject to final documentation, with no regulatory approvals required. This acquisition was announced following Soly’s insolvency filing in November 2025.
The acquisition includes Soly’s installed customer portfolio of around 24,000 residential solar customers, associated customer data, intellectual property, domains, and service vehicles, as well as a pipeline of solar projects. Otovo assumes no liabilities, warranties, or historical service obligations.
According to Otovo, the acquisition will grow its global customer base by about 24,000, adding to the existing 45,000 customers it serves across 13 countries.
“This strategic acquisition expands our operations in key European countries, strengthening Otovo’s position as Europe’s leading residential solar service provider,” said William J. (John) Berger, CEO of Otovo. “This is a natural transition for Soly customers, which will be welcomed into the Otovo family with our comprehensive service, repair, and 24-hour guaranteed response offering. We also look forward to supporting our new customers in upgrading their solar systems with batteries ahead of the big net metering phase out in the Netherlands.”
The transaction structure and consideration consist of a fixed cash payment at closing of approximately €0.75 million (~$0.88 million), and a variable consideration linked to the number of Soly customers that switch to Otovo’s service and maintenance offering, Otovo Care. This is payable in April 2026 and depends on the quantity of active, paying Otovo Care customers at the end of Q1 2026.
According to Mercom’s 9M and Q3 2025 Solar Funding and M&A report, in 9M 2025, 76 solar M&A transactions were executed compared to 62 in 9M 2024.
In September, SunPower, a solar technology, services, and installation company, closed a strategic acquisition of Sunder Energy, a residential solar sales company.
