A fund managed by Northern Europe real assets manager Niam has acquired a majority stake in Sweden-based solar-as-a-service provider Bright Sunday.
The Niam Infra Fund has paid an undisclosed sum to buy Bright Sunday which will be held alongside the solar company’s existing management.
Bright Sunday offers commercial and industrial customers solar photovoltaic electricity as a service. The company’s portfolio consists of 65 solar projects with a total installed capacity of approximately 20MW.
The infrastructure fund intends to invest additional capital to help expand Bright Sunday across multiple European markets. Bright Sunday’s current portfolio is located in Portugal and Spain.
Sverker Åkerblom, CEO of Niam Infrastructure, said: “Through our investment in Bright Sunday we have the opportunity to accelerate the energy transition by providing a simple and fully funded solution to customers. With Bright Sunday we plan to build a €100m portfolio over the coming years across multiple markets in Europe.”
Niklas Engström, CEO of Bright Sunday, said: ”I am very proud of Bright Sunday’s journey so far and with Niam Infra as a majority owner we will get the financial muscles needed to accelerate our growth across Europe.
”Together with existing and new EPC [energy performance certificate] partners we will be able to help even more customers to increase their competitiveness by cutting costs and CO2 emissions.”
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