Clean energy stalwart Solarcentury has quit the UK domestic PV market, selling its residential PV installations arm to Sweden’s leading installer Svea Solar for an undisclosed sum.
Founded in 1998, Solarcentury now books 90 per cent of revenue outside the UK. The firm reported £14.4 million profits in the year to March 2019. It claims a pipeline of some 5GW across Europe, Africa and Latin America.
CEO Frans van den Huevel said expansion of Solarcentury’s international activities meant now was the right time to hand over its UK domestic activities.
Financial terms were not disclosed, but furniture giant IKEA has been a key player in sealing the deal. Svea installs for IKEA in its native market. The agreement transfers to Svea the British firm’s partnership interests with Ingka Group, the retailer’s international management entity. Adding to its activities in Spain, Svea will now sell through stores in Germany, Belgium and the Netherlands.
Solarcentury became IKEA’s home installation partner in 2015, when the retail giant first experimented with home solar sales via UK stores. When its sales franchisee Hanergy Solar collapsed the in 2016 amid financial controversy, Solarcentury took over IKEA’s solar retailing.
About forty Solarcentury staff will transfer to Svea.