Alantra – a renewables asset manager – and solar developer Solarig have secured €213 million (US$232 million) to support the construction of seven solar PV projects with a total 306MWp of generation capacity in Southern Europe.
The financing forms part of the first move of Alantra and Solarig’s joint solar investment vehicle, N-Sun Energy, which was established in January last year with a target of 1.9GW of solar projects worth €1.7 billion (US$1.85 billion). The partnership’s first completed solar PV project – a 16MW site in Spain – has reached completion.
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The N-Sun Energy investment vehicle will look to acquire a 50-strong portfolio of solar PV projects, two thirds of which will be in Italy and the remaining third in Spain. The last of the plants are expected to reach the ready-to-build stage by the end of 2025.
This €213 million financing came from Rabobank, acting as bookrunner and coordinator on behalf of a syndicate of banks comprising ABN AMRO, BNP Paribas, Commerzbank, and Coöperatieve Rabobank.
Javier Mellado, managing partner of Alantra Solar, said: “Within just one year, our progress is evident: securing the financing for the first batch of plants marks a pivotal milestone for our project, as does the successful completion of the first photovoltaic plant, actively supplying electricity. This rapid pace propels our commitment to expedite the energy transition, while offering investors seeking solar energy opportunities a robust risk-return solution.”
The Italian solar market, which will be central for the N-Sun Energy fund, had a good year in 2023. Generation levels for solar were at record highs according to transmission grid operator Terna, at the same time as fossil fuels generation fell. However the figures should not be taken as a wholesale positive endorsement, as other generation sources like wind and hydro have much larger shares and Italy in general is increasingly shifting towards importing power rather than self-generating.