Swedish independent power producer (IPP) Alight has secured up to €110 million (US$123 million) financing for a 220MW solar PV portfolio in Sweden.
According to the company, the facility is a first of its kind in the Nordics, with the IPP reaching financial close on a senior debt portfolio financing with Dutch financing firm Rabobank.
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The financing will allow the company to build, own and operate a 220MW portfolio of small to medium solar parks, each with a capacity of up to 50MW. The first three projects financed through the facility are a 4MW in Halland, a 6MW project in Södermanland and a 15MW project in Uppland. Other projects are expected to follow suit within two years.
Alight continues to increase its solar portfolio in Sweden with this latest debt financing, after it recently partnered with Swedish solar company Svea Solar and state-owned forestry company Sveaskog to develop a 2GW portfolio of solar projects in the country. Alight and Svea Solar will develop, build and co-own the portfolio with Sveaskog, which will provide the land. Development of the first two PV projects, a 150-acre site in central Sweden and a 70-hectare site in the south of the country, has already begun.
This partnership, along with the 220MW portfolio financing, will bring the IPP closer to its 2030 target of having an installed portfolio of 5GW capacity.
Harald Överholm, CEO of Alight, said: “This portfolio financing provides us with the flexibility to finance small- to medium-sized projects, helping to accelerate the renewable energy transition in Sweden at a time when the country is seeing a steep increase in electricity demand.”
In a conversation with PV Tech Premium last year, Alight said that the solar market in Scandinavia was “massive and largely untapped”, with overall good solar irradiation, despite its dark winters. In a more recent piece, PV Tech Premium looked at the status of several northern European markets, including Sweden and other Nordic countries.
