Nordic developer Alight has signed a facility agreement with banks ABN AMRO and SEB for the financing of more than 300MWp of solar parks in Finland.
As part of the agreement, Alight has reached financial close on €46m of senior debt for its first Finnish project, a 100MWp solar park in Eurajoki currently in late-stage development.
The facility agreement for the Eurajoki solar park (pictured) will be replicated to finance three additional projects in Alight’s near-term Finnish pipeline, totalling over 200MWp and more than €110m in debt financing.
At the end of 2024, Finland’s total installed capacity was 1.2GW, according to the Finnish Solar Energy Association.
As such, this framework financing agreement to finance 300+MWp could boost Finland’s installed capacity by roughly 25%.
Alight chief executive Warren Campbell said: “We applaud ABN AMRO and SEB for their leadership in financing the green transition, illustrated by this commitment to supporting sizable solar development in Finland.
“We look forward to strengthening our existing relationship with SEB and establishing strong ties with ABN AMRO, particularly in light of future financing needs required to build out our extensive pipeline of 800MW+ of Finnish solar projects.”
Managing director of energy transition, project and infrastructure finance at ABN AMRO Lisa McDermott said: “Finland is committed to the EU’s energy and climate targets, and to reducing its dependency on imported fossil fuels, as evidenced by its favourable renewable energy policies and incentives.
“Alight has an admirable track record of building and operating solar parks, and we’re proud to support the company in its mission to accelerate the transition to a more sustainable future.”
Head of project and infrastructure finance at SEB Tuomas Salonen said backing Alight’s 300+MWp portfolio would be “nothing short of transformative” for the country’s energy landscape.
He added: “At SEB, we recognise the urgency of the green transition and are passionate about financing projects that accelerate it.”