Norwegian residential solar company Otovo ASA has entered into non-binding letters of intent to acquire two solar services providers, marking its expansion into Hawaii and deepening its presence in Norway.
The Oslo-listed group plans to buy PV Hawaii, LLC, an Oahu-based solar operations and maintenance provider founded in 2016, and Mr. Elektro AS, a Norwegian solar and electrical contractor established in 2014. The combined purchase price is approximately $4.6 million, subject to customary adjustments.
The Mr. Elektro deal is valued at NOK 30 million, payable as NOK 12 million in cash at closing, NOK 8 million in Otovo shares, and up to NOK 10 million in earnout shares tied to performance. PV Hawaii will be acquired for $750,000, plus a three-year earnout of up to $810,000 based on net income targets, settled equally in cash and Otovo shares.
Both targets are projected to generate combined revenue of $7 million and adjusted EBIT of $1.7 million in 2027. The acquisitions follow Otovo’s ninth and tenth transaction announcements since December 2025, and are included in the company’s Q4 2026 annualized run-rate guidance of $105–$115 million in revenue and $15–$20 million in adjusted EBITDA.
PV Hawaii provides solar repair, warranty, and inspection services for residential and commercial customers in Hawaii, certified across 10 equipment brands. Mr. Elektro offers solar installation, after-sales service, EV charging, and battery storage installation across southern Norway, with electrical contractor authorizations enabling operations in Sweden.
The transactions remain subject to due diligence, shareholder approval, definitive agreements, and customary closing conditions.
