M&A Deal Summary

First Solar Acquires Evolar

On May 12, 2023, First Solar acquired renewable energy company Evolar for 38M USD

Acquisition Highlights
  • This is First Solar’s 3rd transaction in the Renewable Energy sector.
  • This is First Solar’s 2nd largest (disclosed) transaction.
  • This is First Solar’s 1st transaction in Sweden.

M&A Deal Summary

Date 2023-05-12
Target Evolar
Sector Renewable Energy
Buyer(s) First Solar
Deal Type Add-on Acquisition
Deal Value 38M USD

Target

Evolar

Uppsala, Sweden
website
Evolar is a focused on developing solutions, including manufacturing equipment, for commercializing a tandem solar technology utilizing perovskite thin films. Evolar was founded in 2019 and is based in Uppsala, Sweden.

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Buyer(S) 1

Buyer

First Solar

Tempe, Arizona, United States

website


Category Company
Founded 1999
Sector Renewable Energy
Employees5,500
Revenue 2.6B USD (2022)
DESCRIPTION
Entrance to First Solar's corporate headquarters in Tempe, Arizona.
Entrance to First Solar's corporate headquarters in Tempe, Arizona.

First Solar is a global provider of solar energy solutions, focused on providing power solutions across various market segments. First Solar designs, manufactures and sells photovoltaic solar modules with an advanced thin-film semiconductor technology and the Company develops, designs, constructs and sells PV solar power solutions that primarily use the solar modules it manufactures. Additionally, First Solar provides operations and maintenance services to plant owners that use solar modules manufactured by the Company or by other third-party manufacturers. First Solar was incorporated in 1999 and is based in Tempe, Arizona.


DEAL STATS #
Overall 9 of 9
Sector (Renewable Energy) 3 of 3
Type (Add-on Acquisition) 4 of 4
Country (Sweden) 1 of 1
Year (2023) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-04 First Solar - Australian O&M Business

Australia

First Solar's Australian O&M Business is an operator of an operations and maintenance business.

Sell -