Swedish solar independent power producer Alight has reached the financial close on a senior debt portfolio financing, signed with the Dutch lender Rabobank.
The facility gives Alight up to €110m of financing to build, own and operate roughly 220MWp of small to medium (up to 50MWp) solar parks in Sweden.
The portfolio facility is thought to be the first of its kind in the Nordics, signifying the maturing market and appetite for lenders to finance the green transition.
The first three projects to be financed through the facility are a 4MW project in Halland, a 6MW project in Södermanland, and a 15MW project in Uppland, with the rest of the projects to follow within the coming two years.
Harald Överholm, chief executive of Alight, said: “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, added: “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.”