PVcase secures $100 million investment

Lithuania-based company PVcase announced that it has raised $100 million in growth capital. The funding aims to expand the market for its platform and extend its capability. With this investment, total funding of the company went over $123 million. The company added two new investors which includes, London-based growth investor, Highland Europe, and Chicago-based Energise Ventures for the equity transaction.

By utilising this investment, PVcase offers the chance to cut down on the time spent on data-related difficulties for solar projects by offering a one-stop solar design platform.

With sufficient funding, PVcase has expanded its recently integrated geographic information system (GIS) data-enhanced site-selection technology to its platform by acquiring Colorado-based Anderson Optimisation (AO) into the German, Spanish, and UK markets.

In July 2023, Ignitis Renewables and its strategic partner Ocean Winds, a joint venture of Engie and EDP Renewables, announced placing bid in a tender for 700 MW of offshore wind granted by the Lithuanian Government. The duo offered $22.02 million as a development fee to become the provisional winners of the tender. The Lithuanian National Energy Regulatory Council organised the tender with the concept of real-time bidding, in which bidders competed for the highest development fee.

In December 2022, Enefit Green, a firm that develops renewable energy, intended to invest €450 million over the following two years in the construction of wind farms in Estonia and Lithuania. The company proposed to construct the 80 MW Kelme wind farm in Lithuania and the 255 MW Sopi-Tootsi wind farm in Estonia. Sopi-Tootsi, located in North Pärnu County, will be equipped with 38 wind turbines and will be the largest project in the Baltic States in terms of capacity upon completion. Enefit had already made the final investment decision for Sopi-Tootsi Wind Farm.