Verdane Announces €26 million investment in Irish Commercial Solar Provider
Leading European specialist growth investor, Verdane has announced the investment of €26 million in Irish-based Solar-as-a-Service provider UrbanVolt. This significant investment means the company has raised over €200 million in debt and equity to date, and it will further power UrbanVolt’s rapid solar energy expansion in the Irish, UK and European markets.
UrbanVolt helps business customers make a cost-effective transition to clean energy with their unique ‘Solar-as-a-Service’ business model. UrbanVolt’s model involves financing, installing, and maintaining solar panels for customers, enabling the customer to buy solar-generated electricity at ~40% lower cost than an electricity provider’s rates. To ensure long-term stability, UrbanVolt locks in its rate for up to 30 years, safeguarding customers against volatile energy costs and guaranteeing a stable supply of electricity for decades to come.
Verdane’s investment comes at a crucial juncture in the European solar market as panel capacity is expected to double by 2030 and more than quadruple by 2050. UrbanVolt is already the Solar-as-a-Service market leader, having signed agreements with more than 150 businesses in Ireland and the UK. UrbanVolt’s clients include brewing company Heineken, pharmaceutical company Pfizer, medical device manufacturer Zimmer Biomet, and global supply chain solution-provider Syncreon.
UrbanVolt will benefit from Verdane’s deep expertise in growing decarbonization-oriented businesses, 20-year track record of scaling European market leaders, and in-house operational expertise.
Reed Snyder, Principal at Verdane, said, ‘We are delighted to partner with UrbanVolt and support their ambitious expansion plans. UrbanVolt’s unique approach to providing affordable solar energy solutions aligns perfectly with Verdane’s focus on backing decarbonization-oriented businesses. Together, we aim to further develop UrbanVolt’s offerings and bring their sustainable solutions to more businesses across Europe, driving positive impact for the environment and the economy.’
UrbanVolt fills a critical gap in the market, providing Power Purchase Agreements that enable the underserved SME sector to access solar energy without the burden of upfront costs. UrbanVolt raised €66m in debt finance in 2022, which enabled the company to provide electricity at a hugely attractive fixed term rate without exposing clients to a rise in interest rates. UrbanVolt also shoulders all costs associated with the maintenance of solar panels on their clients’ roofs.
UrbanVolt was founded in Dublin in 2015 and has operations in Ireland, UK, the United States and eight continental European markets.
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