BUYER POOL ANALYSIS
Selling a Solar to Strategic / Industry buyers
Industry operators, larger competitors, and corporate buyers acquiring for synergies, geographic expansion, or capability fill. Typically pays a premium for clear strategic fit but discounts for integration cost and overlap.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 20.54x across 9 disclosed deals (P25: 15.23x, P75: 37.07x). Median EV/Revenue 7.59x across 12 deals. Median deal value: $29.48M.
- How many disclosed transactions?
- 12 deals total (12 from 2018+), filtered to Strategic / Industry acquirers of solar businesses.
- Most active buyers
- TPG Global, LLC (1) · Nayax Ltd. (1) · Sitka Power Inc. (1) · PowerBank Corporation (1) · American Pacific Group, L.P. (1) · Envest Corp. (1)
Recent disclosed deals
Strategic / Industry acquisitions of solar businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Altus Power, Inc. | TPG Global, LLC | $2409.4M | 20.5x | 12.58x |
| 2025 | EVRedi Inc. | Nayax Ltd. | $25.9M | — | 1.51x |
| 2025 | Synex Renewable Energy Corporation | Sitka Power Inc. | $18.1M | 52.7x | 8.35x |
| 2024 | Solar Flow-Through Funds Ltd. | PowerBank Corporation | $33.0M | — | 4.90x |
| 2023 | Spark Power Group Inc. | American Pacific Group, L.P. | $128.5M | 39.4x | 0.67x |
| 2022 | Bullfrog Power Inc. | Envest Corp. | $25.7M | 13.6x | 10.38x |
What this buyer pool prices for
Strategic buyers — operators in adjacent geographies, larger competitors, or corporate consolidators — price for synergies and capability fill. They tend to discount integration cost and overlap risk but pay above market when there's clear strategic fit (key customer relationship, license, geography, technician/professional team). Multiples are competitive with PE for fee-viable deals; below PE for sub-scale acquisitions.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to solar businesses acquired by strategic / industry buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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