AMPYR Solar Europe, a solar project developer, announced the closing of an up to £200 million (~$253.33 million) project finance facility with NORD/LB, a German-based commercial bank, to develop and construct a 400 MW solar projects in the U.K.
Clifford Chance served as a legal advisor to AMPYR Solar Europe, while White & Case represented NORD/LB on the transaction. The facility will be drawn immediately to finance the Northwold Solar PV project in Norfolk, with more assets to follow in 2024 and 2025.
Northwold will be the company’s first U.K. solar project to be built under this funding facility. It is expected to reach commercial operation during Q1 2025. The company signed a power purchase agreement for the project in 2023 with Multiplex, an international contractor.
“Financing forward-thinking, distributed renewable energy projects like the Northwold Solar PV farm is a core part of NORD/LB’s mission,” said Heiko Ludwig, Global Head of Structured Finance at NORD/LB. “Increasing the UK’s solar capacity at all levels is a crucial component of the national decarbonization plan, and we are delighted to partner with AMPYR Solar Europe on an important regional project that will meaningfully contribute to those objectives.”
The company is developing a portfolio of solar projects across Germany, the Netherlands, and the U.K. Currently, the company has a pipeline of around 1 GWp in the U.K. and an aggregate European pipeline of 8 GWp.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in the 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
In October, AMPYR Solar Europe, a European solar project developer, secured financial closure for its 96 MW solar project in the municipality of Noordoostpolder in the Netherlands.
