DIF Capital Partners will acquire a majority stake in Stockholm-headquartered Alight, a developer of subsidy-free solar projects in the Nordics.
The agreement includes an investment of €150m and a secondary buy-out of a number of existing shareholders.
With the capital raised, Alight will accelerate the buildout of its near term pipeline of solar projects.
The company will do so by building out and retaining ownership of projects going forward and aiding the transition into an independent power producer.
Alight built its foundation in the Nordic solar market by offering solar PPAs to major commercial and industrial (C&I) power users, and has developed several of Sweden’s largest solar parks in addition to delivering multiple onsite solar solutions.
The investment will enable Alight to accelerate its build-out of new solar projects in the Nordics and more broadly across Europe.
Alight chief executive Dr Harald Overholm said: “I am proud of Alight’s journey so far and this investment will accelerate our leadership in the subsidy-free solar build-out.
“Our delivery of solar-as-a-service to major power users makes us a natural partner to companies of all sizes and industries. We are excited to work closely with DIF on progressing the corporate transition to renewables; they share our vision for the industry and the urgency of our work to accelerate the energy transition.
“Corporate power usage accounts for up to 70% of global electricity consumption, so making a prompt and effective shift to renewable energy is crucial.
“Solar remains the cheapest and quickest energy source to scale, so building more to deliver energy security and reduce emissions is crucial.”
Nine years on from its founding in 2013, Alight is now a leader in Europe’s commercial solar roll-out through its subsidy-free approach to solar PPAs.
In its native Nordics, Alight has over 1GW of projects under development, much of which will be built out within the next 24 months.
Alight also has an additional 170MW pipeline under development across Europe.
Partner at DIF and head of investments for DIF Infrastructure VII Gijs Voskuyl said: “We have been impressed by Alight’s track record as a first mover in the growing Nordic solar market, in addition to their top quality customer-led approach to winning long-term solar contracts.
“We also share Alight’s vision on how to accelerate the energy transition in Europe and more specifically for their C&I customers, whilst also providing them with energy security at low cost in the current high power price environment.
“Alight’s team and outlook are a strong foundation to build upon and we are pleased to take this step, enabling Alight to realise its growth ambitions.”
Having set an initial target to build 1 GW of solar assets by 2025, Alight now aims to have 5GW of PPA-backed solar projects delivered across the Nordics and Europe by 2030.
Alight’s PPAs protect major power users from price surges by offering fixed prices on 10-20 year contracts.
Alight is also leading the Swedish market roll out of co-located battery storage, a key component of ensuring that grid stability copes with the solar roll-out.