BlackRock has agreed to invest €183 million ($200.2 million) in German PV installer Enviria.

Envira supplies decentralized PV solutions for businesses. It has developed nearly 500 C&I projects in Germany and has around 2,000 C&I projects in its portfolio, with a combined capacity of nearly 2.3 GW.

BlackRock acquired a 14.7% stake in Enviria from Switzerland-based Galileo.

However, Galileo and Enviria remain partners because they jointly together run a venture specializing in the development of large-scale solar and storage power plants in Germany. Galileo said the entity has a portfolio of projects of 1.4 GW at various stages of development, and plans to add around 1 GW of projects per year.

“Together with the other series A investors, we firmly believed in Enviria’s potential, now confirmed by this significant investment from BlackRock,” said Galileo CEO Ingmar Wilhelm.