Lego owners to buy majority stake in US solar developer

Key Points
  • Enerparc Inc. develops, engineers, builds and operates distributed utility scale solar photovoltaic projects.
  • Kirkbi's investments in renewables support the Lego Group's aim of producing enough renewable energy to meet all of its energy consumption. 
Ekaterina79 | iStock Editorial | Getty Images

Kirkbi, the holding company which owns 75 percent of the Lego Group, has reached an agreement to buy a majority stake in Enerparc Inc., a U.S. affiliate of German solar developer Enerparc AG.

In an announcement at the end of last week, Kirkbi said that the acquisition represented a "significant development" in the firm's long-term investment strategy for renewables. The price of the transaction has not been disclosed.

Enerparc Inc. was established in 2012 and develops, engineers, builds and operates distributed utility scale solar photovoltaic projects. Photovoltaic refers to a way of directly converting light from the sun into electricity.

"The significant majority stake in Enerparc Inc. gives Kirkbi a unique opportunity to take ownership in a company that has established an operational, commercial and scalable platform to bring solar power to many more Americans," Kirkbi's chief investment officer, Thomas Lau Schleicher, said in a statement Friday.

According to Kirkbi, its investments in renewables are made to support the Lego Group's aim of producing enough renewable energy to meet all of its energy consumption. It has also invested in both the Borkum Riffgrund 1 and Burbo Bank Extension offshore wind farms.

In March 2018, Lego announced it would make some of its pieces from sustainable, plant-based plastic. It is also a member of the RE100, a global initiative made up of some of the world's biggest companies, all committed to renewable power. Other members of the RE100 include Goldman Sachs, Lyft and Apple.