The solar power industry in Europe is a dynamic sector committed to harnessing the sun's energy, particularly as countries strive for sustainability and reduce carbon emissions. A wide range of players participate in this market, including manufacturers of solar panels, technology innovators focused on improving efficiency, and companies developing solar farms or providing installation and maintenance services. The industry is witnessing rapid growth fueled by government incentives and increasing demand for clean energy solutions. Interestingly, Europe's solar capacity has tripled since 2014, and solar energy now contributes significantly to nations' energy portfolios, reinforcing its crucial role in transitioning to greener energy sources.


Our list highlights twelve influential investors active within Europe's solar power sector. Ranging from corporate giants like Shell and TotalEnergies to venture capital firms like Bpifrance, these investors come from diverse backgrounds. Their headquarters span several European countries, including Belgium, Finland, and France. Operating at various scales, the investors include firms employing thousands and others with small teams of less than fifty. In 2024, these investors undertook significant deals, with Bpifrance leading with 198 investments, showcasing their commitment to capturing opportunities in the solar energy market.


Top 12 Solar Power Investors in Europe


1. European Investment Bank (EIB)


The European Investment Bank (EIB), founded in 1958 and based in Luxembourg, is a public entity that provides a range of financial services, including loans, equity investments, guarantees, and advisory services, to support sustainable projects across various sectors. In recent transactions, the EIB has demonstrated its commitment to renewable energy, particularly solar power. For instance, in February 2023, the EIB provided a €150 million loan to Iberdrola to develop 400MW of photovoltaic (PV) and wind projects in Italy, which includes the development of Europe’s largest solar PV plant in Portugal. This highlights the EIB's active role in financing solar energy initiatives, alongside its broader focus on sustainable growth and job creation.


2. InnoEnergy

  • Website: innoenergy.com
  • Type: Venture Capital
  • Headquarters: Eindhoven, North Brabant, Netherlands
  • Founded year: 2010
  • Headcount: 201-500
  • Number of deals in 2024: 52
  • LinkedIn: innoenergy

EIT InnoEnergy is a not-for-profit organization founded in 2010, based in Eindhoven, North Brabant, Netherlands. It is dedicated to accelerating sustainable energy innovations and offers a marketplace for energy solutions, training programs, and support for innovators and corporates in the energy sector. InnoEnergy collaborates with various stakeholders to address the challenges of energy transition and sustainability. In 2024, InnoEnergy was involved in several transactions relevant to the solar power industry, including Ecoligo, which raised over $11.9 million in a venture round, and Holosolis, which secured funding in a seed round. These investments highlight InnoEnergy's active role in promoting solar energy solutions and supporting companies that contribute to the solar power landscape.


3. Shell

  • Website: shell.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1907
  • Headcount: 10001+
  • Number of deals in 2024: 20
  • LinkedIn: shell

Shell plc is a multinational oil and gas company based in London, England, founded in 1907. While traditionally focused on the extraction, refining, and distribution of oil and gas, Shell has increasingly invested in renewable energy sectors, particularly solar power. Notable transactions include a 20% stake acquisition in Bengaluru-based solar firm Orb Energy, aimed at providing reliable electricity to underserved populations. Additionally, Shell acquired a 49% stake in Cleantech Solar, enhancing its presence in the commercial solar market in Southeast Asia and India. They also participated in funding rounds for SolarNow and Palmetto Clean Technology, further solidifying their commitment to solar energy solutions. These investments reflect Shell's strategic shift towards integrating renewable energy into their business model, aligning with global sustainability goals.


4. Bpifrance French Tech Accélération


Bpifrance French Tech Accélération is a venture capital investor based in Paris, Île-De-France, France, founded in 2015. As a public entity and financial institution, Bpifrance supports entrepreneurs and businesses in France and internationally through various services, including direct funding, export credit insurance, and private equity investments. They aim to foster entrepreneurship and innovation, helping businesses navigate growth and international expansion. Notably, Bpifrance has been involved in several transactions within the solar power sector, including funding rounds for companies like Beem Energy, which raised 7 million euros to accelerate its development in solar energy. Additionally, they have invested in Neoen, a prominent player in renewable energy, and Sun'R, further showcasing their engagement in the solar industry. Their diverse investment portfolio reflects a commitment to supporting innovative solutions in renewable energy.


5. European Innovation Council (EIC)


The European Innovation Council (EIC) is a public entity based in Brussels, Belgium, established to support innovation and entrepreneurship across Europe. Founded in 1958, the EIC offers various funding programs, including the EIC Accelerator and EIC Pathfinder, aimed at helping startups and SMEs develop and scale their technologies. The EIC provides business acceleration services, networking opportunities, and prizes to foster innovation in multiple sectors. Notably, the EIC has been involved in several transactions relevant to the solar power industry, such as its participation in the funding rounds for Brite Solar, a company focused on solar glass production, which raised €8.6M in Series A funding in January 2024. Additionally, the EIC has provided grants to companies like Nova Innovation and Insolight, which are also engaged in energy technologies, further showcasing its commitment to supporting solar and renewable energy innovations.


6. EEP Africa

  • Website: eepafrica.org
  • Type: Corporate
  • Headquarters: Helsinki, Uusimaa, Finland
  • Founded year: 2010
  • Headcount: 11-50
  • LinkedIn: eepafrica

EEP Africa is a not-for-profit organization based in Helsinki, Finland, founded in 2010. It is dedicated to enhancing energy access and investment in Southern and Eastern Africa through clean energy financing. The organization provides early-stage grants and support for innovative clean energy projects, collaborating with various funding partners to facilitate sustainable development in the region. Notably, EEP Africa has been involved in several transactions relevant to the solar power sector, including investments in companies like Clamore Solar, which received a grant in 2021. Additionally, EEP Africa has supported other renewable energy initiatives, such as OffGridBox, which focuses on affordable renewable energy solutions. Through these efforts, EEP Africa plays a significant role in promoting solar power and other clean energy technologies in the regions it serves.


7. TotalEnergies


TotalEnergies is a corporate investor based in France, founded in 1924, and employs over 10,000 people. The company is primarily focused on producing and marketing a diverse range of energy solutions, including oil, gas, and renewable energy. TotalEnergies is committed to achieving carbon neutrality by 2050 and has made significant strides in the renewable energy sector. Notably, they acquired a 20% minority stake in Adani Green Energy Limited for $2.5 billion, which includes a 50% stake in a 2.35 GWac portfolio of operating solar assets. Additionally, they have been involved in the acquisition of AES Dominicana Renewable Energy, which encompasses the development and operation of renewable energy assets, including solar. Their subsidiary, Quadran, also acquired Vents d'Oc Energies Renouvelables to enhance their renewable energy portfolio, contributing to their goal of achieving 7GW of renewable electricity production capacity by 2022.


8. Crowdcube

  • Website: crowdcube.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2010
  • Headcount: 51-200
  • Number of deals in 2024: 3
  • LinkedIn: crowdcube-limited

Crowdcube is a crowdfunding platform based in London, England, founded in 2010. It enables businesses, particularly startups and SMEs, to raise capital through equity investments by connecting them with potential investors. Crowdcube promotes diversity and inclusion within its workforce while providing investment management services. Notably, Crowdcube has been involved in several transactions within the solar power sector, including a significant investment in Polysolar, which raised over $1.4 million in 2020 and $1.78 million in 2018 through equity crowdfunding. Additionally, they supported Solivus, a UK-based solar energy startup, which raised funds in 2021 and 2023 to expand its solar power initiatives. These transactions highlight Crowdcube's active role in supporting the solar energy industry.


9. EDFI ElectriFI - The Electrification Financing Initiative


EDFI ElectriFI - The Electrification Financing Initiative is a not-for-profit impact investment facility based in Belgium, founded in 2016. It is dedicated to financing renewable energy projects in developing countries, providing both equity and debt financing along with technical assistance to enhance access to clean energy. ElectriFI targets renewable energy companies and projects, especially in rural and underserved areas, to promote sustainable energy solutions. Notably, ElectriFI has participated in significant transactions in the solar power sector, including a $9 million investment in Arnergy, a Nigerian startup focused on delivering clean solar energy to SMEs, and multiple investments in Powergen Renewable Energy, which is involved in renewable energy solutions. These transactions highlight ElectriFI's commitment to advancing solar energy initiatives and improving energy access in developing regions.


10. Equinor

  • Website: equinor.com
  • Type: Corporate
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1972
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: equinor

Equinor ASA is a public entity based in Stavanger, Norway, operating primarily in the energy sector with a focus on oil, gas, and renewable energy. Founded in 1972, the company has over 10,000 employees and is committed to sustainability, aiming to achieve net-zero emissions by 2050. In recent years, Equinor has made strategic investments in the solar power sector, including acquiring a minority stake of just over 10% in Scatec Solar ASA, a notable solar power producer in Norway, in November 2018. Furthermore, Equinor has participated in funding rounds for Oxford PV, contributing to the development of perovskite-based solar cell technology. Most significantly, in November 2022, Equinor acquired BeGreen, a Danish solar power developer with over 700 MW of developed solar capacity and a project pipeline exceeding 6 GW. These transactions highlight Equinor's dedication to enhancing its solar energy portfolio and its broader commitment to renewable energy solutions.


11. Engie

  • Website: engie.com
  • Type: Corporate
  • Headquarters: Paris, Île-De-France, France
  • Founded year: 1834
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: engie

ENGIE is a corporate investor based in Paris, Île-De-France, France, specializing in renewable energy and energy solutions. Founded in 1834, the company has grown to employ over 10,000 people and operates globally, focusing on reducing energy costs and emissions through innovative solutions. Engie's investment strategy includes significant involvement in the solar power sector, as evidenced by their participation in funding rounds for companies like Heliatek, which raised substantial capital to expand its solar technology manufacturing. Engie's acquisition of Fenix International further demonstrates their commitment to renewable energy initiatives. Their diverse portfolio also includes investments in other renewable technologies, such as hydrogen production, showcasing their broad approach to sustainable energy solutions.


12. Almi

  • Website: almi.se
  • Type: Venture Capital
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1994
  • Headcount: 201-500
  • Number of deals in 2024: 7
  • LinkedIn: almi-ab

Almi AB is a financial services company based in Stockholm, Sweden, founded in 1994. It specializes in providing loans, risk capital, and business development support to small and medium-sized enterprises (SMEs) in Sweden. Almi aims to enhance the growth and competitiveness of these businesses through tailored financial solutions and guidance. Among their notable transactions, Almi has invested in Spowdi, a manufacturer of an energy-efficient, solar-powered water pump for small-scale farming, which raised SEK 20 million in funding. This investment highlights Almi's engagement in the solar power sector, alongside other ventures such as Epishine and Ferroamp Elektronik, which, while not exclusively solar-focused, indicate a broader interest in innovative energy solutions.



Solar Power Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
European Investment Bank (EIB)Luxembourg1001-5000195899
InnoEnergyEindhoven, North Brabant, Netherlands201-500201052
ShellLondon, England, United Kingdom (UK)10001+190720
Bpifrance French Tech AccélérationParis, Île-De-France, France1-102015198
European Innovation Council (EIC)Brussels, Brussels, Belgium201-500195857
EEP AfricaHelsinki, Uusimaa, Finland11-5020100
TotalEnergiesFrance10001+192411
CrowdcubeLondon, England, United Kingdom (UK)51-20020103
EDFI ElectriFI - The Electrification Financing InitiativeBelgium11-5020162
EquinorStavanger, Rogaland, Norway10001+19726
EngieParis, Île-De-France, France10001+18343
AlmiStockholm, Stockholm, Sweden201-50019947


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