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Insights
March 30, 2024
Niam acquires Bright Sunday for pan-European roll-out of solar-as-a-service
Niam has through its infrastructure fund, Niam Infra Fund, acquired the majority of Bright Sunday.
Niam has through its infrastructure fund, Niam Infra Fund, acquired the majority of Bright Sunday.
In connection with the acquisition, Niam Infra will invest additional capital to expedite the expansion of Bright Sunday across multiple European markets. By investing in Bright Sunday, Niam Infrastructure can accelerate the energy transition by providing customers a sustainable and long-term solution to reduce their carbon footprint and electricity bill.
Bright Sunday offers commercial and industrial customers solar PV electricity as a service with zero upfront investments and savings from day one. The portfolio today consists of 65 solar projects with a total installed capacity of approximately 20MW allowing 54 customers to produce electricity for onsite self-consumption. Bright Sunday’s current portfolio is located in Portugal and Spain, but the company plans to expand across Europe with the support of new capital from Niam Infra. The goal is to build the leading pan-European supplier of solar-as-a-service for commercial and industrial customers. Onsite self-consumption solar for commercial and industrial users is fundamental to reduce dependence on imported fossil fuels as well as reducing CO2 emissions with an estimated required investment volume of more than €100bn until 2030.
Sverker Åkerblom, CEO of Niam Infrastructure, says: “We are very impressed by Bright Sunday’s business model and ability to build a multi-market presence in the solar-as-a-service industry. Through our investment in Bright Sunday we have the opportunity to accelerate the energy transition by providing a simple and fully funded solution to customers. With Bright Sunday we plan to build a €100m portfolio over the coming years across multiple markets in Europe.”
Niklas Engström, CEO of Bright Sunday, says: ”I am very proud of Bright Sunday’s journey so far and with Niam Infra as a majority owner we will get the financial muscles needed to accelerate our growth across Europe. Together with existing and new EPC partners we will be able to help even more customers to increase their competitiveness by cutting costs and CO2 emissions.”
About Niam Niam invests in real assets in the Nordics and Europe with a focus on real estate and infrastructure. Through our infrastructure platform Niam Infrastructure, we see great opportunities and value in sustainable investments, and we strive to be part of the driving force for a greener and more sustainable future. This is achieved through innovation, deep knowledge and close collaboration with our partners. For more information, please visit www.niam.se/en
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