Sunday Power has closed a fundraising round of NOK 60 million from new and existing investors, as well as unlocking a NOK 40 million debt facility from Nordea. The round was significantly oversubscribed despite a challenging capital market, and will be used to build signed solar installations, continued growth and develop the Sunday Power platform.

The fundraising round was led by Ringgården and joined by some of Norway’s leading real estate investors including Eiendomsspar, Greenwich Land Securities, Farvatn, Møller Eiendom and GC Rieber among others, representing hundreds of thousands of square meters of commercial real estate.

Christian Ringnes, CEO in Eiendomsspar, is enthusiastic to be able to announce the investment in Sunday Power:

- We were one of Sunday Power’s first customers and have since then been very impressed by their solution. We have huge belief in their team, their value proposition and are certain they will play an important role for the green shift in real estate in the years to come, he says.

Karina Halstensen Birkelund in Farvatn Venture is also a strong believer in both the company and the market:

- We are extremely impressed with a very strong team and what we think is the best solution for real estate players looking to use their roof areas for renewable energy production. We look forward to following Sunday Power’s growth journey in an exciting market.

‍

Solar is the solution

In a short period of time, Sunday Power has established themselves as the leading solar as a service company in the Norwegian market. They have seen huge growth in demand and have grown from 2 to 11 employees the last year. So far, they have signed more than 30 agreements with real estate companies with a total capacity of more than 10 MWp, and their pipeline of signed projects is increasing rapidly.

CEO in Sunday Power, Jonas Ibsen Brynildsrud, say they are proud of welcoming such a solid and experienced group of new investors that now will contribute to accelerating the adoption of rooftop solar on commercial real estate.

- The fact that a dozen real estate players of this caliber believe so strongly in our team and solution, is a huge vote of confidence recognizing that we are on the right track. This provides even more belief and motivation to continue on our mission of accelerating the green shift in real estate. We now enter our next ambitious growth phase with increased motivation, he says.

CFO Adrian Bergem is happy with how the funding round now positions Sunday Power financially:

- WIth a growing pipeline of financially attractive projects, financing is core. A capital base of NOK 100m of equity and debt provides us a solid base and financial flexibility which is extremely valuable in our current phase, he says.

Related article: Sunday Power and NTE enter strategic partnership for solar energy

Facts about solar energy

• The International Energy Agency expects solar to become the world’s leading source of energy. According to their estimates, solar energy will make up 22 percent of the world’s energy mix already in 2027. At that point it will be our number one source of energy ahead of natural gas, coal, wind and hydropower.

• The EU are pushing solar strongly via the REPowerEU strategy. They plan to make rooftop solar on commercial buildings mandatory, for new buildings from 2026 and existing buildings from 2027

• The cost of solar installations have fallen dramatically the last decade, and are expected to continue falling. Over the last decade, solar have gone from being the most expensive to the cheapest way of producing energy. 

‍

‍