US outfit CarVal Investors has invested €100m in Svea Solar to fund the expansion of its utility scale solar parks.
The investment on behalf of funds managed by CarVal comes as Svea is expanding its Swedish utility-scale platform and taking its first steps building solar parks abroad.
It should enable Svea Solar to become an independent power producer and develop and build 500MW of solar projects, adding a substantial amount of clean energy to Europe’s energy mix.
Svea Solar chief executive and founder Erik Martinson said: “By building utility solar parks, we get scale on solar power and make a substantial contribution to the energy system.
“This partnership with CarVal will give us the muscle to build our own projects and to keep our strong position in Sweden while we also expand into other European countries.
“The Svea Solar team is honored to welcome such a world class investor to support our vision to eliminate fossil fuels.”
CarVal Investors managing director Philip Blix said: “We are excited to have Svea Solar as one of our partners in Europe.
“As the market leader in Swedish utility scale solar, we look forward to funding their growth.
“The capital intensive nature of the clean energy transition means that partnerships like this remain a key opportunity set for CarVal.”
Svea Solar has been active in the development and construction of solar parks in recent years and has been involved in the construction of over half of the solar parks built in Sweden thus far.
Now the company will expand to other European countries as well, with Cyprus being the first.