Advance Capital Partners Enters Strategic Partnership with Croatia's Leading Solar Company

Ljubljana, 15th May 2024 – Special investment fund Advance Capital Partners and mr. Stjepan Talan have entered into strategic partnership agreement in Solvis, largest Croatian manufacturer and developer of integrated photovoltaic systems and solar panels. After completion of suspensive conditions and approvals from competent agencies for protection and competition special investment fund, managed by Advance Capital Partners, will become a 60 % owner of Solvis. Strategic partnership will enable implementation of joint strategic development plans, business internationalization and development of new environmentally friendly energy solutions, which will greatly contribute to energy efficiency in entire Adriatic region.

”Our aim is to develop Solvis into a leading provider of energy solutions in the entire Adriatic region and a globally recognized player in the field of advanced building-integrated photovoltaics (BIPV). With additional financial resources, Solvis will be able to develop its own solar power projects more efficiently and rapidly. Over the next 5 years, we aim to build around 500 MW of additional capacity in the region. Strategic development of Adriatic region will follow trends in renewable energy, positioning Solvis as the leading regional provider of energy solutions for businesses and households,” said Aleš Škerlak, CEO of Advance Capital Partners.

»Thanks to business diversification and development of cutting-edge solar systems Solvis is already a successful company on European and global markets. Our plans are highly ambitious, and to implement them, we aim to enhance corporate governance, attract additional skilled professionals, carry out significant projects for Solvis and thus enable green transition in entire Adriatic region. Therefore, our primary goal was to find a financially strong partner that will understand our business model and will assist us in the next phase of our development. I believe we have found that partner in Advance Capital Partners, which will enable further growth for the company,” said Stjepan Talan, who remains co-owner and CEO of Solvis.

Solvis, that generated EUR 100m+ revenue in 2023, employs around 300 people. The company exports most of its production to Germany, France, Canada, the Netherlands, Turkey, Italy, Austria, Denmark, Spain, Marocco, and Dubai. It’s integrated photovoltaic systems were also installed on the roof of the new Google campus in Silicon Valley. Solvis has thus far installed over 350 solar power plants and is the largest producer of solar panels in Southeast Europe.

»With the full support of Advance Capital Partners, we aim to implement and ambitious strategy in the coming years, that includes upgrades to our production capacities, entry into new markets and increase of the number of employees. The company’s headquarters will remain in Varaždin even after the transaction is completed,” Stjepan Talan added.

One of the company’s main business activities remains turn-key development and construction of solar power plants for corporations and private investors. After obtainment of regulatory approvals and completion of the transaction, strategic partners intend to develop and build at least 17 large solar power plants with a total capacity of around 250 MW until 2026. Along with increase of production capacity, these projects will significantly contribute to the strategic energy goals, efficiency, and energy independence of Croatia.

This message is informative in nature and is intended only to inform the public about the activities of Advance Capital Partners d.d.. This message is not intended for marketing of units of the specialized investment fund Advance Capital Partners II, SIS, k.d.