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.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
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.