Pan-European renewables developer Galileo on Monday said it has secured full ownership of Pagra, a Polish provider of rooftop solar installations to industrial and commercial (I&C) customers, after acquiring the remaining 65% in the business.
Galileo took a 35% stake in Pagra in July 2022. Its additional investment aims to spur Pagra’s growth plan as the company will be advancing into the energy-as-a-service (EaaS) sector, enabling clients to go solar without upfront investments.
“The contribution that Galileo has made to the development of Pagra from 2022 has allowed the company to grow dynamically. Now we are entering the next stage of growth in the booming renewable energy sector,” said Pagra chief operating officer Krzysztof Fabisz.
Besides the Pagra investment, Galileo is developing a pipeline of solar, onshore wind and battery storage utility-scale projects in Poland.
Galileo is backed by New Zealand infrastructure investor Infratil Ltd, Australia’s Commonwealth Superannuation Corporation (CSC), the New Zealand Superannuation Fund and Morrison & Co Growth Infrastructure Fund (MGIF).
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