Enverus Expands Renewables Arm, Acquires Spanish Solar Power Group
A Texas-based company involved with data analytics for the energy industry is acquiring a Spanish group as part of a continuing effort to expand its offerings in the power generation sector.
Enverus, formerly known as DrillingInfo and a longtime player in the oil and gas industry, on Sept. 14 said it is acquiring RatedPower, a software-as-a-service (SaaS) company based in Madrid. Enverus on Wednesday said the addition of RatedPower expands the company’s global footprint and strengthens its offerings for the solar power market.
The deal is part of a quick ramp-up of companies expanding their presence in solar power as the industry rebounds from the coronavirus pandemic, with governments worldwide providing incentives to increase clean energy deployment. Reliance Industries, an India-based multinational group with holdings in energy and other sectors, earlier this month said it has acquired a majority stake in California-based SenseHawk, an early-stage developer of software-based management tools for the solar power industry.
VG-Shipping Oy, the parent company of Finnish marine logistics company Meriaura Oy, in late August announced it will become a majority owner of European solar thermal systems provider Savosolar Oyj.
Cataloguing Renewable Energy Projects
Enverus has made power generation a larger part of its business in recent years. The company in March 2021 acquired Energy Acuity, a Denver, Colorado-based group focused on power generation and power delivery market data with specific expertise in renewable energy. Enverus has since integrated the tracking and cataloguing of thousands of renewable energy projects leveraging hundreds of unique data sources across North America. The company on Wednesday said that siting data will complement RatedPower’s solar power expertise.
RatedPower’s SaaS solutions “automate and optimize the feasibility study, analysis, design and engineering of solar power plants and electrical infrastructure to maximize the potential of photovoltaic (PV) plants and reduce their Levelized Cost of Energy (LCOE),” according to the company.
“Much like our start decades ago, RatedPower is a trailblazer in digitalization, automation and efficiency, but in the rapidly growing solar market. Our common denominator is truth in data, strategic planning and optimizing efficiencies,” said Jeff Hughes, CEO of Enverus. “As of today, we have taken a major leap forward in adding to our solar planning capabilities enabling us to strategically advise customers where and how to design their plants to maximize production.”
Andrea Barber, CEO of RatedPower, said, “This is a great day for our future, as it validates the unique work we’ve been doing over the last five years. “We were born with the vision of digitalizing the renewable energy industry and making solar the world’s main energy source to accelerate the energy transition. Our mission aligns perfectly with Enverus and our combined strengths will place us in a privileged position to reach that vision while powering the new, global energy economy.”
Growth in Solar
RatedPower, which works primarily with utility-scale solar installations, has seen firsthand the growth in solar power, as Spain has become a global leader in solar energy deployments. The country installed 3.3 GW of solar power capacity last year and has a goal to have at least 30 GW of new solar power generation capacity online by 2030.
Outside of utility-scale developments, government data shows rooftop solar installations in Spain have grown tenfold this year.
Said Hughes, “RatedPower and their solutions have disrupted the solar industry, helping clients realize their full potential, and together, we will accelerate our investment and expand our footprint within the power and renewables space. We will continue to provide our customers with solutions that enable them to grow and thrive in the future of energy.”
“The world appears to be set firmly on the path of energy transition away from oil and gas, and with clients around the globe, RatedPower’s focus in renewables and solar is a perfect complement to Enverus’ strategic initiatives and investment in in power and renewables,” said Bernadette Johnson, the general manager of Power and Renewables at Enverus. Johnson will oversee RatedPower’s integration.
“Every company focused on the energy industry, from oil and gas to power and renewables has to be quick to respond to the energy transition we’re seeing before us,” Johnson told POWER. “The need for clear, actionable intelligence of the entire energy ecosystem, a single source of truth that brings all the data together and the speed to be able to seize opportunities and mitigate risk has never been more important. With the acquisition of RatedPower, Enverus is now in a category of its own to serve all these sectors.”
RatedPower was founded in 2017 by Barber and others, with financial backing from European climate tech pioneer VC Seaya. The company said its products, specifically its pvDesign software, have supported about 20,000 projects and 43 GW of power generation worldwide.
—Darrell Proctor is a senior associate editor for POWER (@POWERmagazine).