Blackstone completes investment in Esdec Solar Group

December 1 (Renewables Now) - US investment giant Blackstone (NYSE:BX) on Thursday announced the completion of a deal for a significant strategic investment in Dutch rooftop solar mounting systems firm Esdec Solar Group BV, a portfolio company of European private equity investor Rivean Capital.

As part of the transaction, Rivean, which first backed Esdec in 2018, realised its original bet and also re-invested into the business from both a newly raised continuation fund and its latest flagship fund.

Blackstone inked the deal in July. The size of the shareholding and the amount of the investment were not disclosed.

Founded in 2004, Esdec develops and distributes rooftop solar racking and mounting systems. The Deventer-based business is associated with close to EUR 500 million (USD 479.2m) in sales across three continents.

“We look forward to working with our partners Rivean and Esdec's management team to further grow the business to meet the huge and growing demand for rooftop solar, in both existing and new markets,” Juergen Pinker, senior managing director at Blackstone, noted in the Thursday statement.

The completion of the investment agreement comes after the European Commission (EC) gave an unconditional nod to the deal in October.

(EUR 1 = USD 0.958)