Svea Solar Secures $107 Million Investment from CarVal Investors

Svea Solar, an integrated solar solutions & service provider in Sweden, secured a €100 million (~$106.8 million) investment from CarVal Investors.

The investment is committed to expanding Swedish utility-scale solar projects.

This strategic, long-term partnership between CarVal Investors and Svea Solar’s subsidiary Svea Solar Utility provides capital to expand the utility-scale solar park business.

The investment on behalf of funds managed by CarVal will support Svea Solar to develop 500 MW of solar projects, adding a substantial amount of clean energy to Europe’s energy mix.

“By building utility solar projects, we get scale on solar power and substantially contribute to the energy system. This partnership with CarVal will give us the muscle to build our projects and keep our strong position in Sweden while expanding into other European countries,” said Erik Martinson, CEO and co-founder of Svea Solar.

Recently, Vortex Energy, a renewables-focused investment vehicle in Europe managed by the private equity arm of EFG Hermes, has invested €222 million (~$237.2 million) equity capital in Ignis, an integrated renewable energy company. Vortex Energy’s initial investment was made in Q4 2021; Ignis has been expanding its growth with more than 1 GW of ready-to-build (RTB) Spanish portfolio.

In 2021, Global alternative investment manager CarVal Investors and renewable energy and services platform Enfinity Global entered a $300 million loan facility to fund the development of Enfinity’s 3 GW of renewable energy projects. Enfinity Global is a renewable energy solutions platform with offices across the US, Europe, and Asia, developing energy solutions to help achieve a zero-carbon footprint and enable a sustainable transition to a carbon-free economy worldwide.

According to Mercom’s Q1 2022 solar funding and M&A report, total corporate funding, including venture capital (VC) funding, public market, and debt financing into the solar sector in Q1 2022, came to $7.5 billion in 49 deals, a 51% increase compared to $5 billion raised in 32 deals in Q4 2021.

In March 2022, Svea Solar, an integrated solar solutions & service provider in Sweden, secured an undisclosed amount of investment from Altor Fund V (Altor) to accelerate the company’s growth. Global law firm White & Case has advised Altor Fund V (Altor) on the transaction.