Niam takes control of Swedish solar-as-a-service company Bright Sunday

• Swedish real asset investment firm Niam has taken a bulk stake in Bright Sunday AB, a regional solar-as-a-service company energetic in Portugal and also Spain, with a commitment to broaden the business to various other markets.

Founded in 2016, Bright Sunday supplies solar PV systems for industrial as well as commercial consumers, permitting them to create electrical energy for onsite self-consumption under long-lasting power purchase agreements (PPAs). The Stockholm-based business is working with neighborhood installers and takes care of the whole procedure, including design, setup, surveillance and service.

Bright Sunday's current portfolio includes 65 solar projects for 54 customers with a total mounted capacity of about 20 MW.

The investment of an unrevealed amount was made through the Niam Infra Fund. The continuing to be minority stake in the business is maintained by Bright Sunday's existing administration.

"With Bright Sunday we prepare to develop a EUR 100 million (USD 108.1 m) portfolio over the coming years throughout numerous markets in Europe," Niam Infrastructure's CEO Sverker Akerblom said in a press release.