Solutions30, a provider of support services related to new digital technologies, has acquired a 10% stake in So-Tec, a company that specializes in constructing solar projects. The acquisition was made alongside So-Tec’s management team. Over the coming years, Solutions30 is set to become the majority shareholder and acquire full ownership of the company within five years.

Both companies aim to provide the French market with a “Made in France” offering, capable of addressing both the structural and electrical work packages and taking on the overall management of EPC (Engineering, Procurement, and Construction) contracts, from design through engineering to materials procurement and construction.

Solutions30 says it is targeting to double its revenue from these operations to €40 million (~$43.5 million) by 2024, even though So-Tec’s financial contributions to the group’s revenue will commence in 2025. To reach this goal, the group plans to expand its operational reach nationwide and bolster its workforce by hiring 50 new employees by 2024.

On signing the deal, Amaury Boilot, Solutions30 France’s CEO and Group Secretary General, commented, “With the photovoltaic market gathering pace, projects are becoming more structured, and clients are increasingly looking for multi-lot experts capable of supporting them from design through to maintenance. By combining our know-how and expertise with a leader in the construction of photovoltaic power plants, we are in a position to respond to all the biggest projects already in the pipeline for the coming months with France’s major energy companies. This is a major milestone in our development that positions us as a market leader. We’re delighted to have been able to involve management, who are particularly expert in technologies and the market, in this great adventure.”

According to Mercom’s Q1 2024 Solar Funding and M&A report, a total of 21 solar M&A transactions were recorded in Q1 2024, the same amount as in Q4 2023, but about 22% lower compared to 27 solar M&A deals in Q1 2023.

Earlier this year, European Energy, a renewable energy project developer, signed an investment agreement with Mitsubishi HC Capital. Mitsubishi HC Capital will subscribe to around 72 million ordinary new shares and purchase, in the aggregate, around 3 million ordinary shares from the three major shareholders in European Energy controlled by Knud Erik Andersen, Mikael D. Pedersen, and Jens-Peter Zink.