Pan-European renewables developer Galileo has acquired the remaining 65% stake in Polish rooftop solar provider Pagra, achieving full ownership of the company.
Galileo initially took a 35% stake in Pagra in July 2022. This additional investment is intended to accelerate Pagra's growth, allowing the company to expand into the energy-as-a-service (EaaS) sector. This model will enable clients to adopt solar power without the need for 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,” stated Pagra's chief operating officer Krzysztof Fabisz.
In addition to its investment in Pagra, Galileo is developing a portfolio of utility-scale solar, onshore wind, and battery storage projects in Poland.
Galileo is supported 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).
