Solar power developer Alight AB has signed a €110 million ($123 million) project financing deal to build and operate about 220 megawatt-peak of solar parks in Sweden.
Lender Rabobank is the sole provider of the senior debt portfolio facility, which will initially finance a 4 megawatt project in Halland, a 6 megawatt park in Sodermanland and a 15 megawatt site in Uppland, according to emailed comments.
The first two parks will be structured under long term power-purchase agreements with fashion retailer Hennes & Mauritz AB. Marc Schmitz, head of project finance Europe at Rabobank, described the facility as the “first of its kind.”
Stockholm-based Alight last raised money in 2022 when it secured €150 million of capital from majority owner DIF Capital Partners, an infrastructure fund owned by CVC Capital Partners. That financing helped with the construction of parks in Sweden as well as an expansion into Finland, where Alight says it’s aiming to have 1.5 gigawatts of solar projects under development by the end of 2024.
The company is in the process of raising other debt facilities to cover its operational needs in Finland as well as for other projects, it said.
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