Renewables operator Encavis has taken a 30% stake in its operation and maintenance (O&M) partner Stern Energy to grow its solar technical services business.
Encavis and Stern will extend joint business activities in O&M solar services across the entire Encavis portfolio, which stands at 175 solar PV farms and 69 wind farms in 10 European countries with a total generation capacity of close to 2GW.
Appointing Stern as preferred O&M contractor on all of the portfolio’s existing solar plants, reduces costs and offers additional economies of scope in Encavis’ technical services business.
The companies have collaborated for several years, and Stern is already responsible for the technical operations of a large part of Encavis’ Italian and UK photovoltaic portfolio, plus parts of its Dutch portfolio.
Encavis chief executive Dierk Paskert said: “The partnership with and shareholding in Stern is an important corner stone in a strategy to actively influence margin distribution across the value chain.
“Furthermore, we will benefit from Stern’s expertise in project development giving us early access to new solar projects designed for attractive power purchase agreement markets.”
Encavis expects revenues in 2019 to reach €12.5m.
“We are excited to strengthen the strategic partnership with Encavis which allows Stern to grow internationally with the aim to become leader in the European O&M market,” said Stern chief executive Ernesto Magnani.