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New partnership: Solar photovoltaic company Sunday Power and energy group NTE have signed an agreement to finance 30 megawatts of solar photovoltaic installations on commercial buildings. This is equivalent to a photovoltaic area of 21 football fields. The collaboration makes them one of the largest players in solar energy in Norway.
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ENGLISH BELOW
The solar plants developed, operated and managed by Sunday Power will now receive solid and long-term Norwegian ownership. The energy group NTE has over 100 years of experience in the production of renewable energy and in 2023 had a turnover of NOK 5.3 billion. Now they step in as owner, both of Sunday Power's existing and future solar plants.
- This is a big milestone for us as a photovoltaic company. The agreement not only means that we have a product and solution that the market values, but that we have secured solid financing to continue developing solar photovoltaic systems on large commercial buildings in the future,” says Jonas Ibsen Brynildsrud, CEO of Sunday Power.
The agreement on financing the solar installations is one of the largest transactions in the Nordic region in the field of solar energy. It involves Sunday Power selling its subsidiary Sunday Generation to NTE. Sunday Power will remain in charge of its operations, maintenance, management and contact with customers.
- Solar energy has enormous potential
CEO of NTE, Svein Olav Munkeby, has no doubt that more people will have to produce energy using solar cells in the next few years if we are to achieve the goal of becoming climate-neutral. Therefore, solar energy will become an important part of NTE's commitment forward.
- Solar energy has enormous potential, and Sunday Power has impressed us with its solution for commercial buildings. We are very pleased to integrate more solar into our portfolio and enter into a long-term partnership with a company in strong growth,” Munkeby says.
- Installing solar panels on large, empty roofs of commercial buildings is a quick and efficient way to build out renewable energy. The agreement is a clear step towards Norway's clear goal of 8 TWh from solar energy by 2030, he adds.
He sees that the timing is fortunate both for NTE and Sunday Power.
- So far this year we have already installed as much as in the whole of 2023, and we have a long pipeline of plants that are under development and will be on the roofs. With a solid player like NTE in the back, we are now scaling up and building a large portfolio,” Brynildsrud concludes.
Arctic Securities has been financial adviser and Thommessen has been legal adviser to Sunday Power. SANDS Law Firm has been the legal advisor to NTE.
Pictured, from left: Adrian Bergem (CFO, Sunday Power), Svein Olav Munkeby (Executive Vice President of NTE), Jonas Ibsen Brynildsrud (CEO, Sunday Power) and Einar Sunde (Chairman, Sunday Power)
Contact person Sunday Power: CEO Jonas Ibsen Brynildsrud, tel. 977 62 459
Contact person NTE: Executive Vice President Svein Olav Munkeby, tel. 941 90 670
Also read: Price of solar cells is now at its lowest ever
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ENGLISH VERSION:
The solar power installations developed, operated, and managed by Sunday Power will now have long-term strategic Norwegian ownership. The energy group NTE has over 100 years of experience in producing renewable energy and had a turnover of NOK 5.3 billion in 2023. Vi har som av Sunday Power och solar.
“This is a huge milestone for us as a solar company. O”, CEO of Sunday Power, Jonas Ibsen Brynildsrud.
Práce de funcionário de instalaciones soláficos é um grande transacciones de energia solar en Nordics. It involves Sunday Power selling the subsidiary Sunday Generation to NTE. Sunday Power will continue to be responsible for all customers and the operation, maintenance, management of the solar installations.
“Solar energy has enormous potential”
Svein Olav Munkeby, Group Director at NTE, firmly believes that ramping up solar energy production is crucial for attaining climate neutrality in the coming years. Therefore, solar energy will be an important part of NTE's focus going forward.
“Solar energy has enormous potential, and Sunday Power has impressed us with their solution for commercial buildings. We are very pleased to integrate more solar into our portfolio and enter into a long-term partnership with a rapidly growing company,” says Munkeby.
“Installing solar panels on large, empty roofs of commercial buildings is a quick and effective way to expand renewable energy production. The agreement is a clear step towards Norway's definite goal of 8 TWh from solar energy by 2030,” he adds.
He sees that the timing is fortunate for both NTE and Sunday Power.
“Sunday Power is expanding rapidly, having installed as many solar installations in 1Q, 2024 as in all of 2023. In addition, we have a long pipeline of solar installations that are under development. With our partner NTE, we can continue our rapid growth and build the leading player for large scale solar installations on commercial and industrial buildings” concludes Brynildsrud.
Arctic Securities has been the financial advisor and Thommessen has been the legal advisor for Sunday Power. SANDS Law Firm has been the legal advisor for NTE.
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Contact person Sunday Power: CEO Jonas Ibsen Brynildsrud, tel +47 977 62 459
Contact person NTE: Group Director Svein Olav Munkeby, tel +47 941 90 670
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