Otovo purchases portfolio of subscription customers

02 Dec 2024 08:00 CET

Otovo ASA’s (“Otovo”) wholly owned subsidiary European Distributed Energy
Assets Midco AS (“EDEA”) has on 29 November 2024 bought a portfolio of
subscription customers in Austria for EURm 4.3 (the “Transaction”) from a
reputable electricity provider.

The Transaction is structured as a purchase of 100% of the shares in an Austrian
special purpose vehicle that has entered into leasing agreements with customers
that are similar to those in EDEA’s current portfolio.

- This transaction is accretive to Otovo in that we are able to acquire this set
of customers at lower-than-average terms and increase our overall leasing
volumes, which are an attractive financial asset, says Andreas Thorsheim, CEO
and founder of Otovo.

Otovo will consolidate these customers into existing EDEA infrastructure in the
same way as all other customers, and they have been acquired at much lower cost.
The profitability of the customers acquired is at similar levels as for
ordinarily originated subscription customers.

– We believe that Otovo’s infrastructure is well-positioned to take on and
create value from residential energy customer portfolios in Europe , and we may
have a valuable role to play as an efficient consolidator of portfolios across
the continent, says Thorsheim.

The Transaction is funded using EDEA’s revolving credit facility. Otovo expects
to include these customers in the portfolio sale announced on 24 October 2024,
which is progressing as planned and is expected to close in the first quarter of
2025.

Schoenherr Attorneys at Law has acted as legal counsel to EDEA in connection
with the Transaction.


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About Otovo
For homeowners, Otovo is the easiest way to get solar panels on the roof, and
batteries in the home. Otovo is a pan-European marketplace that organises
hundreds of local, high quality and qualified energy installers. The company
uses its proprietary technology to analyse the potential of any home and finds
the best price and installer for customers based on an automatic bidding process
between available installers.

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