The investment will enable Solnet to accelerate its growth in the rapidly growing markets in Europe. The investment will also help build out the scope of ancillary services offered to customers, such as energy storage and energy management systems.

Solnet has tripled its turnover in the last four years, and the company is now the fastest-growing Finnish company providing renewable energy services in the European market. Solnet’s largest markets are currently Germany, Finland, the Netherlands and Poland. Solnet has so far delivered more than 400 solar utilities to customers such as IKEA, DHL, Lidl and Kesko, as well as several large asset managers, insurers and logistics companies.

EAB Private Equity is part of EAB Group, the Finnish listed provider of asset management and fund investment services to private investors, institutions and investment professionals. Finnish Industry Investment is a private equity firm owned by the Finnish government that invests in Nordic, mostly Finnish companies.