AMPYR Solar Europe closes US$455m loan facility to fund 2GW+ of solar PV in Europe

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
ASE has a goal of deploying 5GW of large-scale solar across Europe. Image: Unsplash

Independent power producer (IPP) AMPYR Solar Europe (ASE) has closed a €400 million (US$455 million) loan facility with CarVal Investors that it will use to develop more than 2GW of solar PV across Europe by 2025.

The facility will cover the construction costs of solar assets as well as providing some development capital and operational expenses. It expects to break ground on its first project in Q2, with it coming online at the end of the year.

ASE will initially focus on PV projects in Germany, the Netherlands and the UK but is eyeing expansion into other European countries as well as the funding of energy storage projects, it said via a media release.

The London and Maastricht-headquartered company – established by AGP Sustainable Real Assets, Hartree Partners and NaGa Solar last year – has plans to set up 5GW of large-scale solar projects in Northwest Europe, although no timeframe was provided for this.

CarVal has made an initial tranche of €250 million available to ASE, with an extra €150 million in reserve.  

“We view the breadth of skills and track record of the team as market leading and look forward to funding their growth,” said Jonathan Hunt, managing director at CarVal Investors, adding the “capital-intensive nature of the clean energy transition” represented substantial opportunity for investors like CarVal.

“We are pleased to partner with CarVal Investors to help accelerate the transition to a zero-carbon Europe, and look forward to replicating this model across AMPYR Energy’s renewable platforms globally,” said Elmahdi Tahri, global CIO of AMPYR Energy.

Read Next

May 18, 2022
The European Union (EU) has significantly ramped up and brought forward its solar deployment targets as part of its updated REPowerEU strategy, redesigned to combat the bloc’s reliance on fossil fuels, and in particular Russian gas.
May 17, 2022
German utility giant RWE has issued a green bond with a volume of €2 billion (US$2.1 billion), the proceeds of which will be used to pursue development of solar and wind projects.
PV Tech Premium
May 17, 2022
Ahead of the release of the European Commission’s much-anticipated Solar Strategy, PV Tech speaks to numerous industry stakeholders to determine just what Europe’s PV sector needs to fulfil its potential.
May 17, 2022
Arizona Public Service (APS) has issued an all-source request for proposals (RFP) for 1-1.5GW of resources to be added before 2027.
May 16, 2022
Solar PV and other renewables account for more than a third of electricity generation in Australia’s National Energy Market (NEM) in Q1 2022, coal’s share slipping by five percentage points year-on-year.
May 16, 2022
The world added record amounts of renewable energy last year with 295GW of capacity deployed, up 6% year-on-year, despite supply chain constraints, project delays and high commodity prices, according to the International Energy Agency (IEA), which also expects nearly 320GW to be deployed this year.  

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA