The financing agreement is a landmark in the Nordic region and the first portfolio facility of its kind. Credit: Quality Stock Arts / Shutterstock.
Swedish solar independent power producer Alight has completed financial arrangements for a significant solar park project.
The company has secured €110m in senior debt portfolio financing from Dutch bank Rabobank.
This funding will be directed towards the development, ownership and operation of 220 megawatts peak of small to medium-sized solar parks across Sweden.
The financing agreement is a landmark in the Nordic region and the first portfolio facility of its kind.
Alight chief executive Harald Överholm stated: “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.”
The first phase of the project will see the construction of three solar parks: a 4MW park in Halland, a 6MW park in Södermanland and a 15MW park in Uppland.
These initial projects are just the beginning, with the remainder of the solar parks expected to be financed and operational within the next two years.
Rabobank Europe project finance head Marc Schmitz stated: “As a co-operative 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.”
In August 2024, Swedish state forest owner Sveaskog collaborated with Alight to develop solar energy projects.
The partnership’s initial phase includes the development of two solar parks, one spanning 150 hectares (ha) in central Sweden and the other 70ha in the southern part of the country.
