Daiwa buys stake in Vienna-based floating solar developer

14 June 2019 - 12:00 am UTC

Daiwa Energy & Infrastructure (DEI) acquired a minority stake in Austria’s Swimsol through new shares issued by the Vienna-based solar system developer, a senior official told Inframation.

The move is part of DEI’s efforts to double its energy and infrastructure assets to JPY 100bn (USD 922m) from JPY 50bn now, the official said.

The official did not give the exact value of the deal, saying only that it amounts to “several hundreds of millions of yen.”

Swimsol launched the world’s first floating solar solution – SolarSea – in 2014. It is now running businesses in Maldives, where space on land is limited.

In a statement on its website, DEI said it has agreed to subscribe for the shares issued by Swimsol on 12 June. “We aim to support further business development and to increase the corporate value of Swimsol,” it said.

An executive from Swimsol told Inframation that the partnership with Daiwa will greatly benefit the company’s development and help it grow in its key markets. “Our unique offshore floating solar technology SolarSea was designed for remote islands and coastal regions such as the Maldives, Seychelles, Southeast Asia and the Pacific,” he said.

Established in October 2018, Daiwa Energy is 100%-held by Daiwa Securities Group. It has the mandate to invest in airport, aircraft, port, ship, road, railway, water, sewerage and forestry assets, as well as renewable energy businesses.

In Japan, it has invested in solar plants in eight locations with a combined capacity of 93MW and two biomass plants with a combined capacity of 13MW.

The Japanese government’s decision to sharply cut back feed-in tariffs last year indicates that profitability coming from newly built solar farms in Japan is set to falter, thus increasing the need for Japanese firms to diversify into renewables other than domestic solar.


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