Power Factors acquires 3megawatt in asset management software consolidation
The transaction is Power Factors’ second in Europe in the past month, following the acquisition of Greenbyte AB. Upon closing, the combined company will support 110 GW of global wind and solar energy resources, continuing its market leadership in global renewable energy software. The transaction is expected to close on May 31, 2021.
“We are very excited to join forces with Power Factors to be part of the next step in the transformation of the renewable energy software industry,” said Edmée Kelsey, CEO of 3megawatt. “A comprehensive, fully integrated software platform, encompassing all aspects of owning and operating renewable energy portfolios, fulfills a significant market need. By combining all of our capabilities in one platform, we can take advanced analysis, reporting and collaboration to the next level. This will allow portfolio holders to derive more value from their assets, which we hope will contribute to an even faster adoption of renewable energy. “
Renewable energy asset owners are under pressure to improve operational efficiency to compete in a fast-growing market. Existing tools such as spreadsheets, ERP systems, custom business intelligence solutions and legacy systems in the energy sector are unable to meet the needs of these organizations for collaboration, process standardization, automation and data quality assurance. 3megawatt’s BluePoint helps by centralizing all information about power plants, creating standard workflows for day-to-day operations and automating repetitive tasks such as billing and reporting.
The combination of Power Factors advanced analytics capabilities to identify performance losses with the commercial and financial data in BluePoint will provide unique new insights for asset managers, enabling better decision-making and financial performance optimization of their renewable portfolios.
News item from Power Factors