· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: Scandinavian solar companies like Otovo and Alight are thriving despite the region's harsh solar conditions, costly labor, and cheap electricity
• These companies have succeeded by offering innovative models such as power purchase agreements (PPAs) and automated bidding systems for installations
• Their success in adverse conditions enables them to expand across Europe, providing solutions beyond Scandinavia
🔭 The context: Despite limited sunshine and a lack of subsidies, Scandinavian solar companies were inspired by global trends to create subsidy-free, commercially viable solar projects
• Falling costs of solar panels, from 90% to 40% of total installation costs, have fueled this growth, while tech innovations like satellite data help optimize installations
🌍 Why it matters for the planet: These companies are proving that solar can thrive even in unfavorable climates, contributing to the decarbonization of energy systems and showcasing a model that can be replicated globally
⏭️ What's next: Nordic solar companies like Alight and Otovo aim to scale further, with plans to install 5GW of capacity by 2030 and expand solar projects across Europe, focusing on both residential and business customers
💬 One quote: "If you can make it work here, you can make it work anywhere," says Andreas Thorsheim, CEO of Otovo, on the resilience of Scandinavian solar companies
📈 One stat: Otovo has grown to operate in 13 European countries, with 40% of its customers now purchasing battery storage, double the proportion from last year
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