Swedish solar developer Alight Energy has received a US$150 million investment from DIF Capital Partners to accelerate the deployment of its near-term solar pipeline. The agreement sees the investor take a majority stake in Alight, coupled as it is with a secondary buyout of some existing shareholders.
A developer of subsidy-free solar projects, Alight has a current pipeline of 1GW capacity under development in the Nordics and a further 170MW pipeline across Europe. This investment, it says, will spur the majority of these projects to completion in the next two years.
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Alight CEO Dr Harold Overholm said: “We are excited to work closely with DIF on progressing the corporate transition to renewables; they share our vision for the industry and the urgency of our work to accelerate the energy transition. Corporate power usage accounts for up to 70% of global electricity consumption, so making a prompt and effective shift to renewable energy is crucial.”
Having previously set a goal of 1GW of installed solar assets by 2025, Alight now targets 5GW of power purchase agreement-backed projects across the Nordics and Europe by 2030. The company recently signed agreements to build “Sweden’s largest solar farms“, three solar parks with a total capacity of 90MW. It also says that it is due to complete the country’s largest co-located solar-plus-storage plant in December, at a 12MW solar park in Linköping.
DIF partner and head of investments for DIF Infrastructure VII, Gijs Voskyul, said: “We also share Alight’s vision on how to accelerate the energy transition in Europe and more specifically for their C&I customers, whilst also providing them with energy security at low cost in the current high power price environment.”
DIF capital partners also acquired a majority stake in solar developer ib vogt in October 2021.
