Alight, an independent solar power producer, announced the financial closure of €110 million (~$122.56 million) senior debt portfolio financing with the Dutch lender Rabobank. The funding will be used to build, own, and operate small to medium solar projects (up to 50 MW) with a combined capacity of about 220 MW in Sweden.
The first three solar projects to receive the funding comprise a 4 MW project in Halland, a 6 MW project in Södermanland, and a 15 MW project in Uppland. The remaining projects will be financed within two years.
Harald Överholm, CEO of Alight, says, “This portfolio financing provides us with the flexibility to finance small- to medium-sized projects, helping to accelerate the renewable energy transition in Sweden at a time when the country is seeing a steep increase in electricity demand. We commend Rabobank for taking this innovative step forward, to the benefit of the whole country, and hope to see more facilities follow suit.”
Marc Schmitz, Head of Project Finance Europe at Rabobank, says, “As a cooperative bank, we want to support our clients on their sustainable pathways. We’re inspired by Alight’s vision to accelerate the transition to solar and impressed by its track record of bringing profitable projects to reality. With this first-of-its-kind portfolio debt facility, we’re helping to unlock more solar in Sweden. Alight is on an incredible journey to transform the energy landscape, and we’re excited to be along for the ride.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Last week, Arevon Energy, a solar and energy storage project developer, announced the closing of $351 million in financing to build the 251 MWdc Gibson Solar Project, located in Gibson County, Indiana. Construction on the Gibson solar project began last month.
