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Agri business BayWa has taken a majority stake in Techno Spot, a majority wholesaler of photovoltaic systems.
Baywa has bought a 70 per cent stake in the Italian company with the vendor Gremes continuing to hold the remaining 30 per cent share.
The current CEO Gert Gremes, will continue to manage the business, the company said.
Established in 1998, Techno Spot is a supplier for the wholesale solar market and since 2008 has also had a presence in Austria through its subsidiary GE-TEC.
Earlier this year, Germany-based BayWa purchased a 90 per cent stake in Austria-based wind energy developer Ecowind for €4.96m.
It said the move was designed to expand the company's interests in the growing Eastern European and Austrian wind markets and has plans for developments in Bulgaria, Poland, Slovakia, Romania and Austria.
