Hultsfred solar farm, co-developed and co-owned by Alight and Neoen, secures €53 million debt financing from Danske Bank
Stockholm, Sweden, January 27, 2024 — A €53 million debt package has been closed with Danske Bank to finance the 100 MWp solar park being co-developed in Hultsfred, Sweden by Alight, a leading Swedish solar independent power producer, and Neoen, one of the world’s leading producers of exclusively renewable energy and the project’s majority owner.
The solar farm, which will supply renewable electricity to H&M Group under a long-term power purchase agreement, will become the country’s largest when commissioned in the second half of 2025. Until now, the development and construction has been funded through equity from Alight and Neoen, and will now be complemented with the debt provided by Danske Bank.
Richard Nicolin, co-founder and Chief Investment Officer at Alight, says: “This is the largest project financing of a solar park in Sweden to date, surpassing the financing of Alight’s 64 MWp solar park being built north of Stockholm, demonstrating the rapid progress of the Swedish solar power market. We are happy to collaborate with Danske Bank, which has demonstrated deep understanding of the business of building and operating solar parks.”
Joacim Nässen, Head of Large Corporates & Institutions, Sweden at Danske Bank, says: “At Danske Bank, we are thrilled to back a project of this scale and ambition. By financing the construction of Sweden’s largest solar farm, we’re enabling a cleaner, more sustainable energy system that benefits communities, businesses, and the environment alike. This collaboration with Alight and Neoen exemplifies what can be achieved when innovation meets bold action.”
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Meredith Popolo
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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.
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