European household PV competition intensifies, Otovo explores the market
Recently, Otovo announced that it has secured €120 million (about $130 million) in debt and equity financing, which is intended to expand its Residential PV projects in Europe.
Founded in 2016 and headquartered in Oslo, Norway, Otovo is Europe’s leading residential solar installer, having completed thousands of PV projects across the continent. in February 2022, the company successfully raised $34 million through a private placement and has established operations in six new European markets.
120 million euros in debt financing from DNB Bank ASA and SpareBank 1 SR-Bank of 100 million euros (approximately $108 million), respectively, and additional equity financing of 20 million euros (approximately $21.7 million) from existing investors AxSol AB, Nysnø Klimainvesteringer, Agder Energi Invest and OBOS.
Otovo said the financing will be used to build 12,500 new PV project assets, and once the financing is fully utilized, the value of the company’s subscribed asset portfolio will reach 2 billion euros (about $2.17 billion), including about 80 to 105 MW of PV and battery assets. Proceeds from the financing round will also drive a clean energy future across Europe by promoting energy independence for more European households.
What factors should we consider when building a Residential Solar Systems? How do you know if your roof is the right place to install a solar pv system？
- Roof conditions
- geographical position
- Electricity price level
- Investment capacity
PV system can help themselves to save electricity bills and increase their income, but also be able to respond to power cuts in cities when energy is scarce. Of course, there are many other benefits to installing a PV system, so it is a good choice for both your own home electricity and as an investment.Read the 《【Solar PV System Design :3 】Can every family install a solar PV system?》 to learn if your home is suitable for installation.