Global alternative asset manager Alantra and Spanish solar PV company Solarig, backed by €265 million from Switzerland's Reichmuth and France's Amundi Energy Transition, have launched a new Southern European solar investment platform to realize a portfolio of 1.9 GW PV in Italy and Spain.
Both these countries have been zeroed in on for its strong sector tailwinds favorable financing conditions, along with 'reputable' solar PV structures.
Under plans unveiled, Alantra Solar will be supported by an investment vehicle called N-Sun Energy that will gradually acquire the portfolio's plants for €1.7 billion, out of which €700 million will be equity and remaining €1.0 billion debt.
N-Sun Energy will gradually acquire the plants as these reach ready-to-build (RTB) stage post which these will take 18 months to come online, altogether by 2025-end. Of the targeted 1.9 GW, it has already acquired initial 8 plants with 330 MW capacity. Alantra Solar will also provide asset management services for N-Sun Energy.
Solarig will oversee development of different plants to start their commercial operations and also provide its O&M services.
"The launch of this investment vehicle offers a strong risk-return balance for investors aiming to deploy capital in the solar energy sector, driven by the track record of the partners, the visibility and protection of the portfolio, and the operational development of the plants," said Javier Mellado, Managing Partner of Alantra Solar.
The 1.9 GW capacity when completely online, it will generate 2.7 GWh annually along with over €180 million in revenues.
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