Nordic Capital has become the largest shareholder in Soltech Energy Sweden AB, following a strategic agreement for Soltech to acquire Sesol Group AB in an all-share transaction. 

The deal marks a major consolidation move within Sweden’s solar energy market and is set to close in Q3 2025, pending regulatory and shareholder approvals.

As part of the agreement, Soltech will issue new shares to Nordic Capital, which will result in the private equity firm owning approximately 30% of the company. The transaction will make Nordic Capital the largest shareholder in Soltech and grant it two board seats.

To support future growth, Soltech plans to launch a SEK 335m rights issue, with Nordic Capital committing to subscribe for SEK 100m and underwriting an additional SEK 50m. Proceeds will be used to scale operations, drive profitability, and fund potential acquisitions.

“Nordic Capital now comes in as the largest shareholder and supports us on our journey,” said Patrik Hahne, CEO of Soltech. “We look forward to working together to take our business to new heights.”

Sesol, one of Sweden’s leading solar energy firms focused on the consumer market, will become Soltech’s 20th subsidiary. The integration is expected to create synergy effects exceeding SEK 100m, particularly in procurement, operations, and sales.

“Soltech and Sesol complement each other well in terms of both service offering and geographical coverage,” said Thomas Mejdell, Managing Director at Nordic Capital Advisors. “Together, they will form the market leader that the industry needs.”

Soltech reported SEK 2.4bn in sales and SEK 197m in EBITDA for 2024. Sesol, which underwent a significant restructuring including workforce reductions and cost-saving initiatives, reported SEK 728m in sales and SEK -613m in EBITDA. The company expects to return to profitability in 2026.

Marc Hoffmann, CEO of Sesol, commented: “As part of the Soltech Group, we will be an even stronger enabler for our customers to contribute to the green transition through sustainable and modern solutions.”

This deal underlines Nordic Capital’s strategic focus on energy transition and marks a new phase of growth for Soltech as it accelerates efforts to lead in solar and storage technologies across the Nordic region.

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