Solairedirect raises €20M to move into commercial solar

France’s Solairedirect has raised €20 million ($25 million USD) in its second round of financing for large-scale solar installations.

The funds came from Demeter Partners, Schneider Electric Ventures, TechFund and new investor Ofivalmo Partners. Soltairedirect previously received €6.1 million in its initial funding round in 2007.

The company has sold about 1,500 residential solar systems but has plans for 300 megawatts of solar parks, equivalent to €1.2 billion in projects. Solairedirect would then become the third major French developer of solar power in France, along with Paris-based EDF and GDF Suez Energy International (EPA: GSZ).

Solairedirect arranges financing for photovoltaic solar systems. The company also installs panels through its subsidiary Solairedirect Installation.

Another Solairedirect subsidiary, Solairedirect Technologies, manufactures solar panels from its 36 MW capacity plant in Cape Town, South Africa, on 4,000 square meters.  The subsidiary supplies 30 percent of Solairedirect’s panels.

In 2009, Solairedirect plans to construct a new production unit in southern France for the design and assembly of integrated systems in buildings.