Independent Power Producer AMPYR Solar Europe (ASE) has acquired Netherlands-based SolarEnergyWorks (SEW) and its 750MWp asset pipeline of ready-to-build and under-development assets.
The move establishes ASE as one of the largest solar developers in the Netherlands, according to the company.
SEW’s asset pipeline consists of 100MW of ready-to-build and 650MW of under-construction projects. In acquiring the company, ASE will expand its development pipeline to over 1GW in the Netherlands alone, and 6GW in total including its Germany and UK projects. 15 members of SEW staff were also a part of the acquisition.
“The acquisition of SEW complements our existing Dutch business very well and will help accelerate our long-term plans in terms of portfolio growth, talent addition, local presence and the renewable energy transition in general,” said Alexander Koeman, managing director of AMPYR Solar Europe Netherlands.
Rajesh Gathala, CEO of ASE, added: “This acquisition further accelerates ASE’s plan to deploy significant capital in this sector in the near term as we continue our journey in becoming a market-leading operator in Europe.”
Co-founder of SEW, Eric van der Gun, said of the deal: “In AMPYR Solar Europe, we have found a company with complementary competences, matching DNA and vision on the development of the solar industry in the Netherlands. I am confident that the expanded company will bring a high quality and expanded portfolio of Dutch solar assets to fruition.”
ASE has been expanding its European portfolio throughout 2022. In February it secured a €400 million (US$397 million) loan facility with CarVal Investors to be used to install over 2GW of solar PV across the continent by 2025, and In June it agreed to install a pipeline of over 200MW of solar PV in partnership with German developer Belectric in the next two years.
The London-headquartered company has consolidated the majority of its assets in the UK, Germany and the Netherlands, and employs 60 people across these operations, however its stated goal to become a “market-leading operator in Europe” could see expansion into other countries on the continent after the completion of its pipeline projects in 2025.