Soltech has an aggressive acquisition strategy in the solar energy industry, but also in the electrical engineering, roof/sheet metal and facade industries where the companies are transformed after acquisition by adding solar energy to the product range. An example of a company that has been transformed is the company NP Gruppen.

NP Gruppen became part of the Soltech group in 2019 and has since then both built up its own solar energy department and carried out several solar energy installations. Now the company has helped a housing association with reroofing, solar energy installations, energy optimization system and batteries for energy storage. Marcus Juhlin, solar energy expert at NP Gruppen, consider this assignment as a prestigious project.

– This is an assignment that we are very proud of. The fact that we were able to help the customer with everything from roofing and solar energy solutions to energy optimization systems and batteries shows that we can offer a comprehensive solution. This creates both short-term and long-term value for the housing association and the residents, says Marcus Juhlin, solar energy expert at NP Gruppen.

As of the new year 2022, the facade company Essa is part of the Soltech group. The Örebro-based company performs, among other things, high-quality exterior and interior glass solutions as well as solar energy facades for commercial properties.

Essa Glas will now carry out a complete renovation of an older facade which will be converted into a modern Curtain wall facade where part of the façade also will contain integrated solar cells in the facade. The solar cells are well adapted to harmonize with the design of the rest of the glass facade. The building-integrated facade solar cells will have an installed power of 110.96 kWp.

– Stadsbyggnadshuset in Örebro will get a modern facade and we are happy about the trust to help with a complete renovation. A part of the facade will also be a building-integrated solar cell facade that will create renewable solar electricity for the property owner, something that will create value, both today and in the future, says Ola Karlsson, CEO of Essa Glas.

A sustainable municipal property company
Örebroporten is a municipal real estate company that develops sustainable environments in Örebro and currently manages areas of approximately 375,000 square meters. The company works actively with sustainability and to create sustainable properties from an energy and environmental point of view, solar energy is a priority area.

– Örebroporten has a high sustainability ambition with this project. The solar cells are part of this. Through the facade change, Örebroporten gets a modern and appealing facade that also creates benefit for the property, says Mattias Waller, project development manager, Örebroporten Fastigheter AB.

Rams El was founded in 1993 and has since had a successful history and specializes in, electrical engineering, tele and network installations, service, and electrical support. Since the spring of 2021, the Gothenburg-based electrical engineering company has been part of the Soltech Group.

Rams El has had a successful 2022 with orders over SEK 120 million so far, which is approximately SEK 50 million more than what the company had in turnover in 2021. In addition to its core competencies, they have also been involved in several solar cell projects since joining the Soltech Group. The company has now won two new construction projects, which involve different types of electrical installations in two schools. Project manager Dan Schön talks about the hectic year and the new deals.

– It feels great that we have now been entrusted to carry out installations in two schools that are under construction. When we look back at the first part of 2022, we clearly see that the demand for electrical engineering, installation and solar cells is huge, and we feel confident that we are also well equipped to meet these demands. We look forward to roll up our sleeves and deliver world-class installations to our customers, says Dan Schön, project manager at Rams El.

Group events:

• Soltech has made its first international acquisitions by acquiring solar energy companies in both Netherlands and Spain. These companies are expected to provide Soltech with approximately SEK 2 billion in turnover during the years 2022 to 2024 with good profitability.

Dutch 365zon, with an expected turnover of SEK 350 million in 2022, was acquired 1 April. In June, Sud Renovables, a Spanish solar energy company with an expected turnover of SEK 245 million in 2022, was acquired. The acquisition of Sud Renovables also included the company's wholly owned subsidiary, Install Sud. A company focused on installation and assembly, which are important competencies for the solar energy industry.

• Soltech has made two additional acquisitions, Solexperterna and Trönninge El. Solexperterna will be part of the existing subsidiary Din Takläggare i Värmland and Trönninge El will be part of Provektor.

• The electrical engineering company TG:s El was acquired on July 1 and further strengthens the Group's expertise in electrical engineering and solar energy.

• In addition to acquisitions, the Group achieved organic growth of as much as 43 percent during the first quarter of 2022. Quarter two figures will be published on August 23.

– During the year, we continued to create good conditions for building a strong and sustainable business and we have now established the Group in two of the fastest growing solar energy markets in Europe. The political investments in more solar energy from the EU and the Swedish government also show that there is great faith in solar energy’s enormous potential, says Stefan Ölander, CEO of Soltech Energy.

The progress of solar energy in Europe and Sweden:

• The European Commission has presented a solar energy strategy that will help to phase out the Union's dependence on energy imports from Russia and increase the share of solar energy. The strategy means, among other things, that it will be mandatory to install solar cells on all new public and commercial buildings with an area larger than 250 sqm from 2026. The strategy also contains proposals to make solar cells mandatory on all new residential buildings from 2029 onwards.

• The war in Ukraine has exacerbated the energy crisis and several EU countries are now investing heavily in renewable energy to reduce Russian gas imports. The EU also aims to reduce imports of Russian gas by almost two thirds. The European Commission proposes an increase of the renewable energy target by 2030 from the current target of 32% to 45%.

• The Swedish government wants to appoint an inquiry to set requirements for installing solar cells on public and commercial buildings. Minister for Climate and the Environment, Annika Strandhäll, commented during the press conference:

– It is cost-effective to install solar panels on buildings that are under construction. All buildings that can contribute to increased electricity production must also do so, said Annika Strandhäll.

• The EU countries' solar energy production increased significantly in 2021 compared with the previous year. An increase of as much as 34%.

• As of 1/1 2022, the government opened up for local energy sharing, which means that buildings may be connected to local DC grids. This means that it will be possible for a property owner to share, for example, solar between his various buildings within the same property boundary, something that has not previously been permitted.

On June 22, the Soltech Group entered the Spanish solar energy market by acquiring 65 percent of the leading solar energy company Sud Renovables, with the wholly owned subsidiary Instal Sud, based in Barcelona. In 2022, Sud Renovables is expected to have sales of approximately SEK 245 million. Today, July 5, access takes place and the work on establishing Soltech in the Spanish solar energy market begins.

In 2021, the Spanish solar energy market was Europe's second fastest growing market for solar energy, after Germany. The Spanish market grew faster during the year than the markets of Sweden, Denmark and Italy together, with a total of 3.8 GW in newly installed capacity.

The market in Spain is dominated by large-scale solar energy solutions and, above all, land-based solar energy solutions where the electricity is traded through PPA (Power Purchase Agreement) solutions. However, the Spanish government also sees roof-mounted solar cells as a priority area in the future and has allocated EUR 450 million in grants to industries, agriculture, commercial real estate, public administration and private residentials to install solar cells.

The fact that the country has also removed the so-called "solar tax" in 2018 has given solar energy a real boost. From being a restrained area, the Spanish solar energy market is now flourishing and has tripled in size since the solar tax was removed. Soltech Energy will by the acquisition of Sud Renowables now establish its acquisition and transformation model in the country.

– Spain is a market that is currently developing at a rapid pace and is considered to be one of the world's most interesting markets for investments in renewable energy. Having acquired a leading solar energy company creates good opportunities for us to establish the Soltech model in the country. The plan is to do as we have successfully done in Sweden and start with a large solar energy company and then acquire roof, facade and electrical companies which are then transformed to also offer solar energy solutions, says Stefan Ölander, CEO of Soltech Energy.

Installation company is included in the acquisition
Sud Renovables has a wholly owned subsidiary, Instal Sud, which is also part of the acquisition. The company is an installation- and assembly oriented company with about 35 employees, which creates additional value as installation and assembly capacity is in short supply in the solar energy market throughout Sweden, Spain and the rest of Europe.

–To be able to establish our acquisition model in new markets, it is important that we have solid assembly and installation capacity. Therefore, it is very valuable to us that Sud Renovable's subsidiary, that are specialized in assembly, were included in the acquisition. Instal Sud with 35 competent employees will be very important for Soltech's future ambitions in Spain, says Stefan Ölander.

Soltech has an offensive acquisition strategy with acquisitions in the solar, roof, facade and electrical engineering industries. Together, the acquired companies create synergy effects for each other and often collaborate on different projects.

Now, two Soltech companies have been jointly commissioned to install roof-mounted solar energy solutions on four buildings for the municipal real estate company Videum AB. One solar installation will be mounted on one of Linnéuniversitetet's properties and three solar installations on Videum's properties for offices and conferences in the area. Växjö-based Takrekond and Stockholm-based NP Gruppen carries out the assignment together. Takrekond will also carry out roofing renovation on three buildings in the area, which will cover an area of approximately 3,300 sq m of new waterproofing.

– We are very proud of the confidence from Videum to work with our sister company NP Gruppen to build and install several solar energy installations at the campus area here in Växjö. It feels great to be able to contribute to a sustainable environment for Linnéuniversitetet's students and for the entrepreneurs in the office environment, says Nisse Jansson, CEO of Takrekond.

A property manager with a solar focus
Since 1986, the property owner Videum has developed and provided properties in the campus area in Växjö. Videum rents out approximately 85,000 square meters of properties to Linnéuniversitetet and knows what it takes to create attractive environments with a strong focus on sustainability, not least through solar energy solutions.

– We put great importance in developing our properties in a climate-smart way. Among other things through energy efficiency and solar energy installations. It therefore feels very great that we are now making another solar investment, says Henrik Wikingsson, operations manager at Videum.

With over 30 years of experience in the roofing industry, the Ljungskile-based roofing company Takorama has a vast knowledge and experience. When the company was acquired by the Soltech Group in 2020, the journey began to add solar energy to the existing product-and service offering, something that was requested by many of the customers. The company has since the transformation into a solar roof company, carried out several installations and has a team that specializes in solar energy solutions.

Takorama will help the Svenska Mässan Gothia Towers with both roofing and a solar cell installation. In total, the installation is an approximately 1,400 sqm solar energy solution and roofing of approximately 7,000 sqm on one of the fair's roofs. CEO Michael Norrby views the project very positively.

– This is a prestigious project for us, and it is a great value for our customers that we can offer both roofing and solar cells at the same time. Svenska Mässan is also a customer relation that we have worked with before, and we are proud to have earned their trust once again, says Michael Norrby, CEO of Takorama.

Soltech has an offensive growth strategy where acquisitions in the solar, roof, facade and electrical engineering industries together create synergy effects and business opportunities for each other. Two companies in the Group have now jointly been commissioned to install solar energy solutions at five of Joab's industrial properties in Gothenburg. The Gothenburg-based subsidiary Rams El and Soltech Energy Solutions will carry out the project together.

– It feels great that we can help Joab with this project which is a real sustainability investment. Together with our sister company Soltech Energy Solutions, we will ensure that their industrial properties will have solar installations on the roofs that will contribute with large amounts of green electricity to their production, says Per-Arne Olausson, project manager at Rams El.

A company with high sustainability ambitions
Joab is a leading group in the product industry for trucks in the Nordic region and manufactures and develops hydraulically controlled truck superstructures such as demountables and lift dumpers. The company is located in several cities in Sweden, with headquarter in Gothenburg. Joab has ambitious environmental goals and works actively to streamline its processes to reduce its energy consumption and carbon emissions. The solar energy solutions will be a new key factor in their sustainability investment.

– Our sustainability goals are clear. We aim to reduce our energy use and minimize our climate footprint. Installing solar energy at several of our facilities is a clear step forward. We have chosen Soltech and Rams El as partners in this project as we have experience and good references of them from projects done before, says Peter Olsson, CEO of Joab.

Soltech has an offensive growth strategy with acquisitions in the solar, roof, façade and electrical engineering industries. Together, these companies will create synergy effects and build a strong group with cross-border expertise that can offer complete solutions with solar energy, energy storage and smart energy control as a platform. The synergy effects are shown, among other things, when trust in one Soltech company results in business opportunities for another of the Group's companies, which has now happened in Nybro.

It started with the subsidiary Takrekond being given the confidence to help Eurosteel with a roof renovation of its property. Thereafter, Takrekond suggested that the property owner could reduce the energy costs with a large-scale solar energy solution on the newly laid roof, after which the sister company Soltech Energy Solutions was involved.

– Takrekond has had a good cooperation with Eurosteel for a long time and the fact that we now got a large new roof assignment feels very good. Our long and trustful relation with Eurosteel also led to our sister company now being commissioned to construct a solar installation on the same property. These are exactly the kind of business advantages and green solutions we hope to create even more of in the group, says Niclas Ax, Deputy CEO, Takrekond.

The solar energy is traded through PPA agreements
When Takrekond has completed the roofing work, Soltech Energy Solutions will construct a solar energy solution on the property's roof for the local energy company Nybro Energi, which has previously started a collaboration with Soltech on electricity trading agreements and the financing concept PPA. The concept means that Nybro Energi will own, manage and operate the solar installation for the property owner who only buys the electricity produced.

A PPA solution is an electricity trading concept that is becoming more common for property owners on the Swedish market, often, in connection with large-scale solar energy installations. The agreement means that Nybro Energi is responsible for the initial investment for the plant and any operating costs, which means that the property owner receives a direct energy cost saving from day one when the installation is up and running. Eurosteel only commits itself to buying the solar power that the plant will produce.

– It feels great that we are now working on our new PPA concept together with Nybro Energi. The concept and solar installation mean that the property owner reduces his environmental impact and benefits from the sun's rays in his business, without having to think about installation or operation of the solar installation himself. We clearly see the PPA solution for solar energy as the electricity trading concept of the future, says Mathias Duveskog, Regional Manager, Soltech Energy Solutions.

Soltech has an offensive growth strategy with acquisitions in the solar, roof, facade and electrical engineering industries. The Group also makes additional acquisitions, so-called bolt-on acquisitions, to strengthen existing companies. Trönninge El in Halmstad, is Soltechs second bolt-on acquisition by acquiring. The company will directly become part of the Skaraborg-based electrical engineering company Provektor, which has been part of the Soltech Group since March 2021.

– Our ambition and strategic plan is to constantly nurture, develop and strengthen our existing subsidiaries. Something that this bolt-on acquisition is a sign off completely in accordance with. Trönninge El is a well-run company that has a long experience of collaborating with Soltech companies, and I would like to warmly welcome them to the group, says Stefan Ölander, CEO of Soltech Energy.

Strategic bolt-on acquisition
Trönninge El operates in Halmstad and the surrounding area and has proven to be in the forefront of solar energy installations. The company has previously worked closely with several Soltech companies and now they themselves become part of the solar energy group by acquiring them to Provektor. Provektor's CEO, Kenneth Johansson, views the additional acquisition very positively.

– We are broadening and strengthening our business further, also geographically, by welcoming an electricity company from Halmstad into Provektor. A big advantage for everyone is that they add core competence in solar energy. This is a strategic acquisition for our expansion journey, and we are pleased that Soltech is giving us the opportunity to do this, says Kenneth Johansson, CEO of Provektor.