Alight closes €110 million portfolio senior debt package with Rabobank to finance more solar power in Sweden
Stockholm, Sweden, September 20, 2024 — Alight, a leading Swedish solar independent power producer, is pleased to announce that it has reached the financial close on a senior debt portfolio financing, signed with the Dutch lender Rabobank. The facility gives Alight up to €110 million of financing to build, own and operate roughly 220 MW of small to medium (up to 50 MW) solar parks in Sweden, further strengthening its position in the market.
The portfolio facility is thought to be the first of its kind in the Nordics, signifying the maturing market and appetite for lenders to finance the green transition. The first three projects to be financed through the facility are a 4 MW project in Halland, a 6 MW project in Södermanland, and a 15 MW project in Uppland, with the rest of the projects to follow within the coming two years.
Harald Överholm, CEO of Alight, says: “This portfolio financing provides us with the flexibility to finance small- to medium-sized projects, helping to accelerate the renewable energy transition in Sweden at a time when the country is seeing a steep increase in electricity demand. We commend Rabobank for taking this innovative step forward, to the benefit of the whole country, and hope to see more facilities follow suit.”
Marc Schmitz, Head of Project Finance Europe at Rabobank, says: “As a cooperative bank, we want to support our clients on their sustainable pathways. We’re inspired by Alight’s vision to accelerate the transition to solar and impressed by its track record of bringing profitable projects to reality. With this first-of-its-kind portfolio debt facility, we’re helping to unlock more solar in Sweden. Alight is on an incredible journey to transform the energy landscape, and we’re excited to be along for the ride.”
Contact:
Meredith Popolo
PR Director
meredith.popolo@alight-energy.com
About Alight
At Alight, we’re on a mission to kick carbon off the grid by helping energy-intensive businesses switch to solar. We develop, own and operate onsite and offsite solar projects across Europe and sell the clean energy to businesses at a low, fixed cost backed by a power purchase agreement (PPA), always independent of government funding or subsidies. By 2030, we aim to have an installed capacity of at least 5 GW, paving the way for a more sustainable future.
About Rabobank
Rabobank is an international financial services provider operating on the basis of cooperative principles. It offers retail banking, wholesale banking, private banking, leasing and real estate services. As a cooperative bank, Rabobank puts customers’ interests first in its services. Rabobank is committed to being a leading customer-focused cooperative bank in the Netherlands and a leading Food & Agri, and Energy Transition bank worldwide. Rabobank employed 49,000 FTE per 31 December 2023. Rabobank Group is active in 37 countries.
