Dovre Group has acquired the shares previously owned by minority shareholders of Renetec Oy. These shares have controlled about 42.8% of the ownership of Renetec. The transaction has been completed. After the transaction, Dovre Group owns 100% of the company’s shares. Based on agreement between the parties, the purchase price is not disclosed.
Renetec specializes in the development of solar park projects, including land acquisition and securing electrical connection points. The company’s portfolio includes several 10-20 MWp solar projects nearing Ready-to-Build (RTB) status, making them commercially viable. All projects are strategically located near electrical grid connection points and include the necessary permits and agreements.
During the year Renetec intends to expand its development portfolio to include Battery Energy Storage System (BESS) projects. The BESS installations can either co-locate with the solar parks or be fully independent sites with their own electrical grid connection points.
"Renetec’s business sits at the core of Dovre Group’s strategy. Its employees are experts in renewable energy project development, and I am proud to welcome them as an integral part of the group. Many of the company’s projects will reach construction readiness in the first half of the year, and we are eager to explore opportunities to hand them over to new owners for implementation", says Sanna Outa-Ollila, Acting CEO of Dovre Group.
Dovre co-founding Renetec Oy, a renewable energy development company initially focusing on solar power
Dovre continues to execute its strategy in the renewables industry by founding a project development company Renetec Oy together with top experts in the field, Janne Mielck and Juhani Kanerva.
The company will initially focus on land sourcing, project development and construction management of new sites for industrial scale solar power plants, as well as operating and managing parks already in production. Renetec also offers advisory and consulting, such as feasibility studies and management consulting for energy companies, industrial stakeholders and investors. The company’s market area is Europe.
Renetec aims to develop projects on its own as well as in cooperation with other project developers and other stakeholders in the market. In our view, partnering is an essential success factor allowing the projects to be run with improved resources, credibility, and skills.
”It is important for Dovre to be active in improving the availability of renewable energy and we are excited to be able to make such a strong start in this interesting business. By combining leading solar expertise with Dovre’s existing capabilities in the energy sector, we are off to an excellent start. We have the resources needed to operate with professional excellence from day one”, says Ilari Koskelo, Vice Chairman of the Board of Directors at Dovre Group Plc and CEO of Renetec Oy.
