The solar energy company Soltech Energy Solutions helps large landowners, property owners and logistics operators with large-scale solar energy solutions and financing solutions for solar cells. Together with the sister company Takbyrån, they will help Logistic Contractor in the development of a logistics property in Borås where Hemtex will then operate.

– We are proud to help Logistic Contractor with a large roofing contract. It is a large-scale logistics facility company, and we look forward to getting started. It also feels great that our sister company then installs solar energy on the newly laid roof and by that offer a joint comprehensive solution, says Tobias Udén, CEO of Takbyrån.

Focus on sustainable logistics properties
Since 2004, Logistic Contractor has worked with developing and building logistics and industrial buildings in the Nordic region. The company is part of the Wästbygg Group, which in 2017 decided that the entire operation should be fossil-free by 2030 in the areas of electricity, heating, transport and waste. This means that Logistic Contractor focuses on environmentally certified construction and green options, such as solar energy installations.

– In these times, questions about energy and the environment is important topics and solar energy is one of our most important sustainable energy sources. Therefore, this collaboration is valuable to us in order to provide modern solar cell technology to our customers. It is an important part of our offer to continue to be a leader in developing and building sustainable logistics and industrial facilities, says Cristina Frigioi, Project manager at Logistic Contractor.

In an analysis from Aktiespararna, they comment on the value of Soltech's international acquisitions during the year, Spanish SUD Renovables and Dutch 365zon. 

Aktiespararna further highlights that both solar energy companies are profitable and will contribute to the group's margin from day one, but also that they operate in solar energy markets that is bigger than the Swedish one. Something that both creates a much greater growth potential and strengthens the group's overall strength and strategic endurance.

Read the complete analysis below. (in Swedish)

https://www.aktiespararna.se/analysguiden/nyheter/kommentar-soltech-energy-utlandsforvarvens-strategiska-betydelse

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 where companies in the solar energy industry, and in the electrical, roofing / sheet metal and facade industries where the companies, after they are acquired become transformed by adding solar energy to the product range. The Group is now acquiring a prominent electrical engineering company based in Finspång. TG:s El has a history that stretches all the way back to 1982 and thus has a strong local foothold in Östergötland. The company is already competent in solar energy, as they recently acquired the solar energy company, Smart Solkraft AB, which today constitutes the company's solar energy department. The plan is now to, together with Soltech, deepen and develop the solar energy investment further.

– It feels great that we today are acquiring a skilled electrical engineering company. It is well known that there is a great shortage of competent electricians in the country, and that we can acquire another established electrical engineering company is both valuable and necessary. The fact that TG:s El also already has solar energy expertise creates additional value and I would like to warmly welcome them to the Soltech Group, says Stefan Ölander, CEO of Soltech Energy.

Wide range of customers
TG:s El is active within automation, installation, charging boxes, solar cells and not least service. The company’s customers include large private and municipal property owners, often through long-term framework agreements. The company also helps private individuals, agriculture, and tenant-owner associations with, among other things, solar energy installations. Now the plan is to, together with Soltech, integrate even more solar energy into the product range.

– Today an exciting new chapter in our history begins. It feels very good that we are now a part of Soltech, something that gives us additional strength to meet our customers' increased demand for, among other things, solar energy solutions. Now we are taking the next step and we look forward to getting to know our new sister companies in the Group, says Rickard Thormeyer, CEO of TG:s El.

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.

The acquisition of Sud Renovables in financial terms:
• Initial acquisition payment for 65% of the shares amounts to approximately SEK 81 million*
• The acquisition is paid for with an initial cash deposit of approximately SEK 45 million and with newly issued Soltech shares to a value of SEK 36 million
• During the next 36 months, a variable additional purchase of a total of approximately SEK 98 million* can be paid, if set sales and profitability targets are achieved. Which would give a total acquisition payment of approximately SEK 179 million *
• Soltech has an option to buy the remaining 35% after 2024 at a similar valuation
• The acquisition of Sud Renovables is financed entirely from own cash and with newly issued Soltech shares
• Soltech and Sud Renovables assessment is that the acquisition will contribute approximately SEK 125 million in sales during the financial year 2022 (six months), and that Sud Renovables makes a positive operating profit of approximately 8-10% for the year
• During the years 22-23-24, Sud Renovables is estimated to contribute with more than SEK 868 million in sales, and Sud Renovables will maintain an operating profit of 8-10% per year during the same period
• Synergy effects, primarily in purchasing and logistics through this acquisition, are expected to have a positive effect on sales and earnings throughout the Group

Soltech's international expansion
Soltech is now continuing its international expansion by acquiring a leading solar energy company in Spain. Sud Renovables was founded in 2005 and has since had a successful growth journey and had sales of approximately SEK 90 million in 2021. The company is focused on the development and installation of solar energy and storage solutions for property owners and companies. Mainly through large-scale solutions such as solar parks, roof-placed solar cell systems and solar facades for commercial properties as well as logistics and industrial properties. The company also offers solar cell solutions for the consumer market.

Sud Renovables has about 60 employees in the parent company and about 35 employees in the wholly owned subsidiary, Instal Sud, which is installation and assembly oriented. Mounting capacity is a shortage area in solar energy and the fact that Instal Sud is included in this acquisition is very positive for Soltech.

The company is one of the major solar companies on the Spanish market which has been slowed down by political regulations, and mainly by the so-called solar tax that was abolished in 2019. The country's solar energy market has since gained momentum and given the conditions for solar energy, few other European countries can compete with Spain. In addition to good solar radiation, the combination of political deregulations and high electricity prices creates very good conditions for solar energy players in the country.

¬ Now our international expansion continues by entering the Spanish solar energy market, which feels great. Sud Renovables is a well-run and market-leading solar energy company with good profitability and solid experience of large-scale and innovative solar energy solutions. This is the starting point for establishing the Soltech model in a new market that also has Europe's best conditions for solar energy, and we would like to warmly welcome Sud Renovables to the Group, says Stefan Ölander, CEO of Soltech Energy.

The Soltech model will be implemented in Spain
The acquisition of Sud Renovables is Soltech's first in Spain and the target in the Spanish market is the same as in the Swedish and Dutch, to start off with an acquisition of a solar energy company and then also acquire companies in the roofing, facade and electrical engineering industries and transform them by adding solar energy to the product range. A transformation strategy that creates positive synergy effects in areas such as purchasing and logistics for companies in Sweden, the Netherlands and now also Spain. But above all, the transformation strategy creates security for the companies' customers who, through the Group's cross-border expertise, can be offered complete solutions.

– Soltech is a reputable solar energy company, and we are very happy to now be part of the group. We see great benefits from the collaboration, and we are now equipped to be able to take even a larger market share and continue on the development of a strong and innovative company. We want to thank the team at Soltech for a good collaboration and we see a very bright future together, says Alfred Puig, co-founder and CEO of Sud Renovables.