European solar power producer AMPYR Solar Europe (ASE) has expanded its Dutch portfolio with the acquisition of SolarEnergyWorks (SEW).
ASE said it has bought Netherlands-based SEW’s solar business comprising a potential asset pipeline of 100MWp of ready-to-build and 650 MWp of under-development assets.
The deal also includes SEW’s team of 15 professionals. Following the acquisition, ASE will grow its team to 22 people in the Netherlands and add Utrecht as another office location. In total, ASE now employs 60 people.
Following the acquisition, ASE will have a development pipeline of solar photovoltaic assets of over 1GWp in the Netherlands, and an aggregate development pipeline of 6GWp including Germany and the UK.
ASE, created by Hartree Partners, AGP Group and NaGa Solar, had previously said it expects to develop at least 4GW of solar projects across the UK, the Netherlands and Germany.
Alexander Koeman, managing director of AMPYR Solar Europe Netherlands, said: “SEW has successfully assembled a portfolio of high-quality solar power generation assets across the Netherlands, therefore we are delighted to have completed this acquisition.
“The acquisition of SEW complements our existing Dutch business very well and will help accelerate our long-term plans in terms of portfolio growth, talent addition, local presence and the renewable energy transition in general.”
Rajesh Gathala, CEO AMPYR Solar Europe and AGP Partner, said: “As a growing company, we continue to look for strong asset pipelines and high-quality teams and in SEW we found that perfect match.
“This acquisition further accelerates ASE’s plan to deploy significant capital in this sector in the near term as we continue our journey in becoming a market-leading operator in Europe.”
Eric van der Gun, SolarEnergyWorks co-founder, said: “Finding a buyer with the right philosophy and attitude was as critical a part of our selection as its financial strength.
“In AMPYR Solar Europe, we have found a company with complementary competencies, matching DNA and vision on the development of the solar industry in the Netherlands. I am confident that the expanded company will bring a high quality and expanded portfolio of Dutch solar assets to fruition.”
Marc van Velzen, SolarEnergyWorks co-founder, said: “The cooperation with AMPYR Solar Europe will secure further growth of SolarEnergyWorks within the group by adding technical and financial strengths.”
Law firms Osborne Clarke and DLA Piper advised on the acquisition.
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