Otovo wants to go from 1,000 to 10,000 solar installations in Portugal by 2025 – Energy

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The Norwegian Otovo, which works as a “marketplace” at European level for the installation of solar panels and batteries for the residential market (through a subscription model in which a monthly fee is paid), achieved global revenue in 2023 of 138 million euros in the 13 countries where it is present, +88% than the 73 million euros recorded in 2022

The result was supported by a 44% increase in the number of installations carried out last year. In total, in 2022, Otovo completed 7,379 installations in the various European markets in which it is present and, last year, this number rose to 10,621 installations.

With regard to the subscription model, in 2023 the Norwegian multinational generated revenue of around 52 million euros, 96% more than in the previous year, when it stood at 26 million euros. When presenting the accounts for last year, highlight for Otovo’s operation in Portugal in terms of sales performance, with the country standing out in the top 4 of European markets. Otovo’s national operation reached the objectives defined for the first year in 2023, with more than 1,000 installations of photovoltaic panel systems in Portuguese homes.

“These numbers prove the consistency across the various markets. The global context was challenging for the sector and, even so, the numbers reveal solid growth. For 2024 I foresee an increasing penetration of solar at European level”, said Manuel Pina, director general manager of Otovo in Portugal, in a statement.

And he adds: “And it’s good to realize that Portugal also contributed a lot to the results achieved and that it has increased its preponderance in the group’s global operation. By 2025 we hope to reach 10,000 installations and further reinforce the performance achieved since the beginning of our operations.”

Founded in 2016 in Norway, Otovo brings together more than 700 energy installers locally and already has more than 30,000 customers across Europe. The company is present in 13 markets: Austria, Belgium, France, Germany, Italy, Norway, Poland, Portugal, Spain, Sweden, Switzerland, the Netherlands and the United Kingdom.