Eight Advisory supported Marguerite in the context of its acquisition of a majority stake in SotySolar
Eight Advisory supported Marguerite, a pan-European infrastructure investor, with commercial and technical due diligence in the context of its acquisition of a majority stake in SotySolar, a distributed PV and behind the-meter services provider in Iberia.
SotySolar is one of Iberia’s leading players in the distributed renewables market in Spain and Portugal, with a track record of over 7,000 residential B2C installations. Headquartered in Gijón (Asturias) and founded in 2016 by Edgar Imaz and Daniel Fernández, the company has historically focused on the Spanish residential segment, providing turnkey solutions for (i) self-consumption solar PV, (ii) batteries and (iii) EV chargers, and recently expanded into Portugal. The company will soon launch the sale of heat pumps as part of its offering. SotySolar serves the entire value chain, from the installation process to maintenance of the assets, sales and marketing, and support in obtaining licenses and applying for subsidies.
As part of the transaction, Marguerite is committing significant capital to consolidate SotySolar’s market position in the residential segment (B2C), expand its client base by supporting the company’s growth in apartment buildings and the commercial segment of B2B clients (hotels, supermarkets, offices, etc.), as well as continue its expansion in Portugal. The strategic growth plan also foresees the launch of new products and services to boost sales of PV solar installations and increase cross-selling opportunities while providing significant savings to final customers and helping Spain and Portugal meet their ambitious energy transition targets.
The transaction will contribute to the energy transition process and aligns with the EU goal of access to clean and affordable energy. In particular, solar PV is the primary growth lever for achieving the EU’s environmental targets. As the energy in PV self-consumption installations is generated on-site, transmission losses are reduced to a minimum. The savings in energy, and therefore in operating costs, can be tremendous and complement energy management measures.
The team in charge of commercial and technical due diligence was composed of Kai Karring, Antriksh Singh and Gabriele Capezzera.