Advance Capital Partners acquires 60% of Croatia’s Solvis

Advance Capital Partners said on Wednesday it wants to enable Solvis to expand its operations, develop new energy solutions, and internationalise its business.

Talan remains co-owner and director of Solvis, he said in the same press release.

The value of the deal was not disclosed.

Solvis generated more than 100 million euro ($109 million) in revenue in 2023. With some 300 employees, it exports most of its production to Germany, France, Canada, the Netherlands, Turkey, Italy, Austria, Denmark, Spain, Morocco and Dubai. Solvis' integrated solar panels have been used on the roof of Bay View, the new Google campus in Silicon Valley.

Solvis has already installed more than 350 solar power plants and is the largest producer of solar panels in Southeastern Europe, according to Advance Capital Partners.

One of the company's main activities will continue to be the construction of turnkey solar power plants for business users and private investors. After obtaining regulatory approvals and completing the transaction, the strategic partners plan to develop and build at least 17 large solar power plants with a total capacity of around 250 MW by 2026.

($ = 0.920 euro)