Successful exit for ABN AMRO Sustainable Impact Fund

Financial return and sustainable impact coming together

ABN AMRO SIF aims to achieve financial return alongside environmental impact, and the investment in and exit of Eternal Sun has proven to be a example of both. The company contributes to higher global solar output by enabling manufacturers to improve the performance and consistency of their solar panels. Thanks to its advanced simulators, solar modules tested with Eternal Sun equipment deliver significantly improved output and reliability, resulting in more clean energy generated over their lifespan.

“Eternal Sun is a textbook case of financial return and measurable sustainability impact coming together” added Pauline de Valk, Investment manager of ABN AMRO SIF.

From tech start-up to global market leader

Eternal Sun was founded in 2011 by Stefan Roest, who developed his passion for solar energy as team lead of the winning Nuon Solar Team at Delft University of Technology. The company has since grown into a profitable global market leader in solar simulator technology, supplying its systems to leading PV manufacturers and independent laboratories in over 60 countries. In addition to test equipment, Eternal Sun has expanded its activities to quality inspection services for large-scale developers and solar panel importers.

Stefan Roest, CTO and founder commented “We now play in the champions league of solar; our clients are the most prestigious developers of solar panels worldwide. Our precise sunlight enables them to develop new technology better and faster!”

ABN AMRO SIF enabling buy & build and strategic growth

In 2019, ABN AMRO SIF joined early investor Vermec, in supporting Eternal Sun. The investment thesis was centred around a strong conviction in the growing global solar PV market. Since then, the sector has grown over 20% per year, underscoring both rapid expansion and increasing demand for high-performance testing solutions. Eternal Sun capitalised on this momentum with the backing of ABN AMRO SIF and Vermec and completed key strategic acquisitions of Spire Solar (USA) and SunChine (China), while broadening its business model and expanding internationally.

Florian van Rijn van Alkemade, CEO of Eternal Sun said: “ABN AMRO SIF was a true growth enabler for Eternal Sun, challenging us to think bigger and providing the capital to focus. As we scaled, they remained a valuable sounding board for our organization and stood by us in good and challenging times. We're grateful for their contribution to our journey.”

Key success factors include innovation and speed to market

A key driver of Eternal Sun’s success has been its agility, rapidly responding to evolving testing standards and customer needs through continuous innovation and tailored solutions. This adaptability has been vital to maintaining its leadership in a dynamic and increasingly complex global solar PV market.

“We are proud to have supported the company and its highly committed management team through a pivotal growth phase, and to have witnessed its transition from start-up to a well-established global market leader” said Thijs Nijland, Investment manager of ABN AMRO SIF.

About ABN AMRO Sustainable Impact Fund

The ABN AMRO Sustainable Impact Fund is one of the largest private impact funds in the Netherlands and invests in companies that have a positive impact on the environment, climate or society. With a commitment of EUR 500m, funded and managed exclusively by ABN AMRO, we invest through direct equity investments in key transition sectors, and focus on energy transition, the built environment, and sustainable consumption.