Key Takeaways
- Sector: Energy Infrastructure & Renewables.
- Geography: Sweden.
Analysis
Nordic Capital has become the largest shareholder in Soltech Energy Sweden AB, following a strategic all-share transaction valued at approximately $240 million (SEK 2.5 billion) that includes the acquisition of solar firm Sesol Group AB. The deal is expected to close in Q3 2025, pending regulatory and shareholder approvals.
As part of the agreement, Soltech will issue new shares to Nordic Capital, granting the private equity firm a 30% ownership stake and two board seats. In parallel, Soltech will launch a SEK 335 million ($31 million) rights issue, with Nordic Capital subscribing for SEK 100 million ($9.2 million) and underwriting SEK 50 million ($4.6 million).
“Nordic Capital now comes in as the largest shareholder and supports us on our journey,” said Soltech CEO Patrik Hahne. “We look forward to working together to take our business to new heights.”
Soltech Energy Sweden AB is a leading Nordic solar energy company that designs, installs, and maintains solar power and storage systems. It serves residential, commercial, and industrial clients with integrated solar, battery, and EV charging solutions. Soltech also acquires and scales solar and electrical firms, operating a platform of 20 subsidiaries across Sweden.
Sesol, a leading Swedish solar installer, will become Soltech’s 20th subsidiary. The integration is expected to generate over SEK 100 million ($9.2 million) in synergies.
“Soltech and Sesol complement each other well in terms of service offering and geography,” said Thomas Mejdell, Managing Director at Nordic Capital Advisors.
Financial Snapshot (2024 Figures)
- Soltech: SEK 2.4 billion (~$222 million) in sales, SEK 197 million (~$18 million) in EBITDA
- Sesol: SEK 728 million (~$67 million) in sales, SEK -613 million (~$57 million loss) in EBITDA
- Sesol: Targets profitability in 2026
Marc Hoffmann, CEO of Sesol, commented:
“As part of the Soltech Group, we will be a stronger enabler for customers to contribute to the green transition through sustainable and modern solutions.”
Strategic Context: Global Private Equity in Energy Transition
Nordic Capital joins a wave of global investors building green energy champions across Europe.
- KKR: $1.73B for 49% of Acciona Energía Internacional (Spain)
- Brookfield: $2.6B for Neoen (France)
- Energy Infrastructure Partners (EIP): H2Mobility investment (Germany)
Soltech now emerges as a Nordic solar leader, with private capital backing its scale-up across Sweden and beyond.