French gas supplier enters solar business
Butagaz, a French energy supplier, said this week that it has acquired majority stakes in PV installers Soltea and Solewa.
The double investment is part of Butagaz's strategic plans to diversify into the solar sector.
“These future-oriented, economical and carbon-free energy solutions are added to the other services … offered by the Butagaz group to help its customers to consume less and better,” it said.
Butagaz is trying to establish itself in the commercial PV segment by installing PV at agricultural, industrial and commercial sites. It is also focusing on public buildings.
“By combining our technical, commercial and customer support expertise, we want to accelerate the installation of photovoltaic solar panels,” said Emmanuel Trivin, president of Butagaz. “These two acquisitions strengthen our development strategy.”
Solewa has 75 employees and recorded €22 million ($26.8 million) of turnover in 2020, while Soltea employs just 25 people and recorded turnover of €5 million last year.
Butagaz has become the majority shareholder in the two French companies, while their founders have become minority shareholders. They still lead their companies and no jobs will be lost.
Source: https://www.pv-magazine.com/2021/05/20/french-gas-supplier-enters-solar-business/
