Norwegian company Otovo has sold 88% of its solar portfolio to Swiss Life Asset Management for €105 million, a strategic move aimed at streamlining operations and enhancing liquidity in the growing renewable energy sector.

Information on the Target

Otovo, a Norwegian enterprise founded in 2016, specializes in the energy sector, providing consulting services for solar energy product installations. The company comprises a team of engineers and installers dedicated to catering to both individual and corporate clients. Recently, Otovo made headlines by agreeing to sell 88% of its continental solar portfolio to Swiss Life Asset Management for €105 million, significantly enhancing its business positioning and market capitalization, which currently stands at approximately €35 million.

This strategic decision follows Otovo’s Q4 performance results, which showed net sales of 664 million SEK, albeit with a net profit of -218 million SEK. The decision to divest a major portion of its solar assets appears to be a calculated move, aiming to streamline operations amid fluctuating market conditions.

Industry Overview in Norway

The renewable energy sector in Norway has been experiencing rapid growth, primarily driven by increasing demand for sustainable energy solutions. The shift towards renewable energy sources such as solar and wind is propelled by bot