German-based Sonnen – which produces home energy storage systems for private households and small businesses – has acquired Webatt Energia, an installer of solar PV and energy storage products. The acquisition supports Sonnen in expanding its sales and creates additional capacity for future growth.
The acquisition is currently under regulatory approvals and is expected to be completed in the second quarter of 2022. With the acquisition, the unit will operate as Sonnen Spain.
Currently, Spain is one of the fastest-growing markets for solar. In 2021, its newly installed PV generation capacity reached 3.8 GW, making Spain the second-fastest-growing European market after Germany.
“We can only achieve our vision of clean and affordable energy if our products and services are used everywhere. Expanding to new markets has always been part of our growth strategy,” said Oliver Koch, CEO of Sonnen.
“We see considerable potential for growth in Spain in the coming years, thanks to ideal climate conditions and increased demand for cleaner and independent energy. Our long-standing relationship and confidence in Webatt Energia from years of collaboration facilitated our direct entry into Spain,” he added.
Sonnen is represented by its subsidiaries in Italy, Australia, Great Britain, and the U.S., and this acquisition of Webatt Energia added Spain to its global footprint.
Recently, TotalEnergies, a multinational integrated oil and gas firm signed an agreement with Global Infrastructure Partners (GIP) to acquire a 50% stake in Clearway Energy Group (CEG), a clean energy developer in the U.S. CEG is a developer of renewable energy projects and controls and owns 42 % of the economic interest of its listed subsidiary, Clearway Energy (CWEN), into which projects are placed when they reach commercial operation.
In May 2022, Borrego, a developer, EPC, and O&M provider for large-scale solar and energy storage projects in the U.S., entered into a definitive agreement to spin off and sell its development business to ECP, an energy transition-focused investor. The development business comprises a project pipeline of over 8.4 GW of solar and 6.4 GW/25 GWh of energy storage.
According to Mercom’s Q1 2022 Solar Funding and M&A Report, a total of 29 solar M&A transactions were recorded in Q1 2022 compared to 43 in Q4 2021. In a YoY comparison, there were 20 solar M&A transactions in Q1 2021.