Kirkbi A/S, which owns the Lego Group, will soon take a majority stake in the U.S. subsidiary of German solar company Enerparc. The two companies said they signed an agreement on Friday, without disclosing the financial terms of the deal.
Kirkbi is an investment firm owned by the wealthy Kristiansen family in Denmark. It holds a a 75% majority stake in Lego.
Its acquisition of a majority stake in Enerparc marks a milestone for the Danish group’s long-term investment strategy. Kirkbi has previously invested in offshore wind farms and in 2017 achieved the goal of supplying the Lego Group with 100% renewable electricity. Kirkbi claims to be seeking attractive, long-term investments in renewable energy, as well as the corporate and commercial real estate sectors.
“The majority stake in Enerparc gives Kirkbi… the unique opportunity to bring solar power to more Americans,” said Thomas Lau Schleicher, the Danish group’s chief investment officer.
The companies did not disclose the size of Kirkbi’s majority stake and did not reveal when the transaction would be completed. However, there are no more permits needed, a Kirkbi spokesperson told pv magazine, while also confirming that the deal will be the company’s first major solar investment. So far, Kirkbi has only invested in smaller PV installations. The minority stake will remain in the hands of Enerparc’s management team, the Kirkbi spokesperson added.
Enerparc’s U.S. subsidiary was founded in 2012 and currently owns more than 100 MW of PV capacity. With the entry of Kirkbi, Enerparc is confident that it will be able to continue its growth strategy in the U.S. market, said Enerparc CEO Florent Abadie.