Global alternative investment manager CarVal Investors has helped pan-European solar independent power producer (IPP) AMPYR Solar Europe (ASE) achieve financial closure of a €400 million facility to bring online more than 2 GW of solar power capacity by 2025.
The initial focus of ASE will be to energize its sites in Germany, the Netherlands and UK. Later it can be expanded to other regions in Europe and fund energy storage projects.
The initial tranche will be €250 million, with a further incremental tranche of €150 million, all of which will primarily be deployed to cover the construction costs of solar assets. It will also help ASE use it as development capital and to cover operational expenses.
Construction on site of initial projects is planned to commence in Q2/2022 with commercial operations scheduled for the end of 2022. ASE aims to complete the full deployment of the target capacity by 2025 which it believes will make it one among some of the largest utility scale solar platforms across Northern Europe.
"This transaction is yet another testament to the increasing investor engagement on the climate crisis, which cannot be resolved without massive private capital contribution," said AGP Partner and Global CIO of AMPYR Energy, Elmahdi Tahri. He said the company will replicate this model across AMPYR Energy's renewable platforms globally.
ASE aims to roll out an overall capacity of 5 GW large scale solar projects in Northwest Europe. A year back, while launching ASE, Hartree Partners, AGP Sustainable Real Assets, and NaGa Solar had been targeting 4 GW solar projects across the UK, Netherlands and Germany (see ASE Launched As Joint Venture For European Solar Market).
.png?w=50&fm=png){kind=logo}