• Marguerite has become the majority shareholder in SotySolar, a distributed PV and behindthe-meter services provider in Iberia.
• With the continued participation of Plenium Partners, who will remain a minority investor, and the founding partners Daniel Fernández and Edgar Imaz, Marguerite will support the implementation of a strategic growth plan for SotySolar to become a leader in selfconsumption energy installations and services.

Luxembourg, 13 December 2023 – Marguerite, a pan-European infrastructure investor, has acquired a majority stake in SotySolar – a renewable energy services company – via its latest fund, Marguerite III. The transaction was closed on 12 December 2023 and consists of the acquisition of part of Plenium Partners’ shares and the subscription of a new share capital increase.

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.

Plenium Partners, which is an independent Spanish investment group specialising in sustainable assets and energy transition and remains a shareholder, took a majority stake in SotySolar in 2021. Since then, it has supported the company’s growth and development through investments and collaboration with the management team by actively managing the business, contributing its experience and advice and becoming a key partner for value creation. During this period, revenues increased four-fold, the workforce grew by more than 100 professionals, and the company entered the Portuguese market, as well as expanded the B2B product offering.

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.

Significant growth perspectives

The distributed solar PV sector in Iberia is expected to witness significant growth over the coming years, underpinned by a favourable regulatory environment, an abundance of solar renewable resources and the support of national and supranational aid. Despite Spain being the third largest country in Europe in terms of installed PV capacity and the one with the highest abundance of sunshine and daylight hours, the country is lagging behind European peers when considering distributed PV capacity per capita, providing a significant expansion opportunity. Portugal is also showcased as an underpenetrated market, sharing similar attributes.

“We are enthusiastic about the market growth potential for solar PV self-consumption in the Iberian Peninsula and the role that SotySolar can play in helping end customers produce their own electricity through solar PV and reduce their electricity bills, thanks to reducing dependency on the grid. We strongly believe that SotySolar is well positioned as a platform to tap into this growth potential and boost demand for renewable distributed energy generation,” said Pilar Gómez, Partner at Marguerite. “Our expansion is exceeding our expectations, and we are witnessing our business model grow rapidly.

Our objective is to become the leader in distributed renewables in Iberia. We remain focused on growth in Spain and Portugal, as well as on expanding and improving our products and services. In the current market conditions, we are very pleased to demonstrate the strength of our brand,” said Daniel Fernández, CEO and founder of SotySolar.

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.

Marguerite was advised by Perez-Llorca (legal), Eight Advisory (commercial & technical), Deloitte (financial and tax), Willis (insurance) and Howden (W&I).

Plenium Partners and SotySolar were advised by Lazard, Gomez-Acebo Pombo, KPMG and EY.

Marguerite is a pan-European investor in long-life greenfield and brownfield expansion infrastructure.

Our funds seek out capital-intensive, sustainable investment opportunities with a particular focus on four sectors: (1) Energy & Renewables, (2) Digital Transformation, (3) Waste & Water and (4) Transport.

Marguerite manages four European infrastructure funds, the most recent being Marguerite III. Over the years, we’ve deployed in excess of €2 billion into projects designed to address the changing infrastructure landscape in Europe by integrating ESG principles and creating positive change for society.

Marguerite III benefits from support from the European Union under the InvestEU Fund.

From our origins in 2010 as an independent infrastructure investment manager backed by the European Investment Bank and the main European National Promotional Banks, we have evolved into a fund manager dedicated to generating value for investors while integrating robust ESG screening as part of our eligibility criteria and continuously measuring the positive impact of our investments.

Our team is based in Luxembourg, Paris and Milan.