Funding and M&A Roundup Solar Developer Amarenco Raises $321 Million

EEW, an independent renewable energy project developer, sold a 42 MW solar PV project in Sweden to a large Sweden-based solar and wind project developer.

The project, located in southern Sweden, is targeted to reach ready-to-build status in 2023 and commence operations in 2024. Once completed, the solar farm is estimated to generate around 41 GWh of clean and sustainable energy annually.

Svante Kumlin, CEO of EEW, said: This is EEW’s first project sale in Sweden; we currently have a pipeline of solar and BESS projects in excess of 1 GW in Sweden, many of which are in an advanced stage of development. We’re proud to be supporting Sweden’s energy diversification and net zero strategy.

Sweden is on the cusp of rapid growth in solar power as it seeks to achieve its 2045 net zero targets and address the power shortages currently affecting the south of the country. Svensk Solenergi, Sweden’s solar energy trade association, notes that newly installed grid-connected solar power in 2022 amounted to almost 1,000 MW (1 GW), a doubling from the year before (503.4 MW).

According to Mercom Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers acquiring the most, reaching 35.7 GW. Standard Solar, a renewable energy project developer, owner, and financing company, acquired 21 MW of solar projects in New York and Massachusetts from New Leaf Energy, a renewable energy and energy storage projects developer. The Copicut project in Freetown, Massachusetts, is a single-axis tracker solar plus battery storage project with over 12 MW of solar and 22 MW hours of storage. Upon completion, it will produce 17,924 MW hours of energy annually.