Renewable energy infrastructure integrator Sunotec announced today a new partnership structured equity investment from alternative investment manager Blackstone, aimed at supporting the company’s expansion across Europe, and the strengthening of its grid integration and renewable energy capabilities.
Founded in 2012, Bulgaria-based Sunotec is an international system integrator of utility-scale solar and battery storage projects, specializing in the design and delivery of integrated energy systems. The company has installed approximately 15 GW of solar capacity across multiple markets – including 5 GW of utility-scale solar and 5 GWh of battery energy storage systems (BESS) over the past two years.
Kaloyan Velichkov, Founder and CEO of Sunotec, said:
“Blackstone’s investment marks an important milestone in Sunotec’s journey. Over the past 13 years, our team has built one of Europe’s leading large-scale solar and storage businesses through execution, speed and a relentless focus on delivery. With Blackstone as a partner, we will accelerate our expansion across Europe and enter selective new markets.”
According to Sunotec, the new investment, made from funds managed by Blackstone Tactical Opportunities, will support the company’s growth across core European markets including Germany, the UK, Scandinavia and Southeast Europe, and enable expansion of its existing services and its capabilities across capabilities across power generation, battery storage, and grid infrastructure.
Sunotec’s founders and leadership will remain majority shareholders following the investment, and will continue to control the company.
Amer Khatoun, Senior Managing Director of Blackstone Tactical Opportunities, said:
“Sunotec has built a strong track record delivering and operating utility-scale solar and battery storage projects. We are delighted to partner with the company as it continues to scale its integrated platform, expand its operating asset base and deepen its grid infrastructure capabilities.”
Image source: Statkraft
