Otovo has signed a EUR 105 million agreement to sell 88% of its residential solar and battery subscription portfolio to a collective investment scheme managed by Swiss Life Asset Managers (SLAM). This landmark deal marks the first cross-European transaction of its kind in the distributed energy sector, covering 6,000 residential solar and battery assets across eight countries.
Under the terms of the agreement, the transaction is structured in two phases:
EUR ~50 million (NOK 580 million) for assets built between 2020 and 2024, set to close in Q1 2024.
EUR ~55 million (NOK 638 million) under a continuous sale agreement for assets to be constructed from Q1 2025 to Q3 2026.
Otovo expects to release EUR ~13 million (NOK 155 million) in cash from the first closing in Q1. The company also forecasts a 32% gross margin under the continuous sales agreement, with instant revenue recognition under IFRS.
As part of the deal, Otovo will retain an 11.69% stake in the portfolio, ensuring aligned interests. Meanwhile, Swiss Life Asset Managers will receive 55.9 million warrants in Otovo.
This transaction is a significant milestone for the European residential solar market, underscoring growing investor interest in distributed energy solutions. Once all systems are deployed by Q3 2026, the total transaction value is expected to reach EUR ~105 million (NOK 1,220 million).
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