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.