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 companyβs existing management.
Bright Sunday offers commercial and industrial customers solar photovoltaic electricity as a service. The companyβs 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 Sundayβs current portfolio is located in Portugal and Spain.
Sverker Γ kerblom, CEO of Niam Infrastructure, said: βThrough 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 β¬100m portfolio over the coming years across multiple markets in Europe.β
Niklas EngstrΓΆm, CEO of Bright Sunday, said: βI am very proud of Bright Sundayβs journey so far and with Niam Infra as a majority owner we will get the financial muscles needed to accelerate our growth across Europe.
βTogether 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.β
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