Solar developer Solarig and asset manager Alantra have partnered to launch a 1.9GW solar PV investment vehicle focused on Southern Europe.
They have created an investment vehicle, N-Sun Energy, as a platform which will gradually acquire a project portfolio with a value of €1.7 billion (US$1.83 billion), of which €700 million will be covered by equity and the remaining €1 billion by debt.
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With a portfolio of more than 50 plants between Italy (two-thirds) and Spain (the remaining one-third), the projects are expected to reach ready-to-build (RTB) status in the next 18 months and be fully operational by the end of 2025.
Solarig will overview the development of the projects and once those reach commercial operation it will bring its knowledge in operations and management to the solar plants.
The developer manages 10GW of solar PV assets globally, with a portfolio of 8GW under development across 15 countries.
N-Sun Energy has already acquired the first eight projects, with a total capacity of 330MW, with the other projects being gradually acquired as they reach RTB status.
Alantra will raise the money for the investment platform which will be supported by Swiss infrastructure asset manager Reichmuth and French asset manager Amundi Energy Transition as integral strategic co-investors and with up to €265 million committed.
“The launch of this investment vehicle offers a strong risk-return balance for investors aiming to deploy capital in the solar energy sector, driven by the track record of the partners, the visibility and protection of the portfolio, and the operational development of the plants,” said managing partner at Alantra Solar, Javier Mellado.
Both Spain and Italy are among the major solar PV markets in Europe, with the former adding 7.5GW of solar capacity in 2022, only behind Germany’s 7.9GW, while Italy installed 2.6GW of solar in 2022, almost trebling the 0.9GW added capacity from 2021.
The two Southern European countries are set to remain in the top five of solar European markets in the coming years with Spain expected to add 51.2GW of new capacity between 2023-2026, while Italy is expected to add 20.9GW of new solar capacity during that same timeframe, according to SolarPower Europe.