Daiwa Securities Group Invests in Offshore PV Startup

2019/06/19 20:58
Sousuke Kudou, technical writer

Daiwa Energy & Infrastructure Co Ltd announced June 14, 2019, that it has accepted new shares issued by Swimsol GmbH through third-party share issuance.

Daiwa Energy & Infrastructure (Chiyoda-ku, Tokyo) is a company affiliated with the Daiwa Securities group, and Swimsol is an Austria-based firm that develops and sells floating offshore solar power generation (PV) systems. The investment amount and investment ratio were not disclosed.

The "SolarSea" developed by Swimsol is the world's first "ocean grade" floating PV system. It is expected to be introduced in areas where the amount of solar irradiation is enough but there is a shortage of land such as coastal areas and islands. Currently, Swimsol runs a business using the SolarSea in the Maldives.

The "SolarSea" floating offshore PV system (source: Daiwa Energy & Infrastructure)

The Maldives consists of 26 atolls and about 1,200 islands located to the southwest of Sri Lanka (in the Indian Ocean). Diesel power generators are producing 99% of the electricity generated in the country. By introducing Swimsol's PV system, it becomes possible to reduce electricity cost by about 20%, compared with diesel power generation.

In addition to the investment in Swimsol, Daiwa Energy & Infrastructure plans to expand the business of Swimsol and improve its corporate value by establishing a cooperation system using Daiwa Energy & Infrastructure's global network and knowhow in the field of renewable energy.