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Dutch SET Venture Partners Invests in SolarTotal

November 5, 2008
Source: New Energy Finance

SET Venture Partners, part of the Netherlands-based Sustainable Energy Technology Fund, plans to invest in Dutch firm SolarTotal to help it expand in Europe.

Although he would not disclose the exact sum SET VP invested in SolarTotal, Wouter Jonk, managing director of SET VP, told New Energy Finance that the SET Fund totals 50 million euros and that his company invests a maximum of 10% in a single company.

SolarTotal has raised a total of 10 million euros ($12.8 million) so far in debt and equity finance from various investors including Rabobank.

SolarTotal's sales were 40 million euros this year and Jonk estimates that the company could triple this next year as an attractive subsidy system in parts of Europe is helping the use of residential PV solar expand much faster than commercial solar parks.

SolarTotal sells and installs solar photovoltaic systems for residential and commercial buyers in Belgium, France, Spain, the Netherlands, Italy and Germany and plans to use the new investment to expand its operations in Europe. The company will look to bring up its market share in the countries it is already active in to about 20%-25%, which it already holds in Belgium, and potentially to expand in Greece, Hungary and Portugal.

Jonk noted that photovoltaic solar electricity could become competitive with conventional electricity from the grid in Southern Europe possibly as early as 2010 or 2011.