The owners behind LEGO acquire majority stake in U.S. solar developer
KIRKBI A/S, the holding and investment company of the Kirk Kristiansen family (founders of toy company LEGO), has entered into an agreement to acquire a majority stake in Enerparc Inc., a U.S. affiliate of global solar developer, Enerparc AG. Founded in 2012 Enerparc Inc. specializes in developing, engineering, building and operating distributed utility-scale PV projects in the United States. With currently over 100 MW of power generating capacity in the United States, Enerparc is largely a commercial solar developer.
The acquisition of Enerparc marks a significant development in KIRKBI’s long-term renewable investment strategy. KIRKBI is an established investor in offshore wind farms and has enabled the LEGO Group to reach its target to balance 100% of the Group’s energy consumption with renewable energy in 2017.
KIRKBI is a long-term investor seeking attractive long-term, risk-adjusted returns from investments in operating businesses, renewables and commercial real estate in Copenhagen, London, Hamburg, Munich and the German-speaking part of Switzerland.
“The significant majority stake in Enerparc Inc. gives KIRKBI a unique opportunity to take ownership in a company that has established an operational, commercial and scalable platform to bring solar power to many more Americans,” said Thomas Lau Schleicher, Chief Investment Officer, KIRKBI A/S. “We look forward to working closely with the Enerparc Inc. team and supporting the company’s future growth in U.S. solar power generation, for which the demand remains strong.”
“In successfully building a solar PV portfolio capable of powering 20,000 average homes across the U.S., I am delighted to welcome KIRKBI as a majority shareholder in Enerparc Inc.,” said Florent Abadie, Chief Executive Officer, Enerparc Inc. “As we pursue our growth strategy, we remain committed to serving our clients, partners and suppliers to help North America’s transition to a greener economy.”
The transaction price is undisclosed. Under the agreement, Enerparc Inc.’s existing management team retains a minority ownership.
News item from KIRKBI