AMPYR Solar Europe Secures €400 Million for Solar Project Development

The proceeds will be used to deploy over 2 GW solar capacity in Europe by 2025

thumbnail

AMPYR Solar Europe (ASE), a pan-European independent solar power producer, announced the closing of a €400 million (~$455 million) facility with CarVal Investors, an established global alternative investment manager, to help develop and construct a pipeline of solar projects across Europe.

The company plans to use the funding to support its plan to bring over 2 GW of solar capacity into operation by 2025.

CarVal made the investment available in two tranches, the initial tranche of €250 million (~$284 million) and the incremental tranche of €150 million (~$170.4 million). The credit facility will majorly cover the construction costs of ASE’s solar assets and provide some developmental and operational expenses.

Andrew Gould, Executive Chairman of ASE, said, “One year after its inception, we couldn’t be prouder to have reached this key milestone in ASE’s journey to become a leading European solar independent solar power producer.”

“With the support of CarVal as our capital partner, we are on a steady path to turn our fast-progressing pipeline into a portfolio of large-scale solar power producing assets that will contribute meaningfully to Europe’s energy transition,” he further added.

The company intends to focus initially on the sites located in Germany, the Netherlands, and the UK, potentially expanding to other European jurisdictions and funding energy storage projects.

It expects to begin constructing its first projects in the second quarter of this year and get them operational by the end of the year. The company aims for a generating portfolio, which, once deployed, will be one of the largest utility-scale solar platforms in Northern Europe.

ASE intends to roll out 5 GW of large-scale solar projects in Northwest Europe overtime to help the continent reduce its dependency on gas and other fossil fuel sources.

ASE was created by the merger of NaGa Solar with the existing AMPYR Energy UK solar joint venture between AGP and Hartree Partners, intending to create a major solar enterprise to build extensive solar capacity and offer an opportunity for institutional investors to deploy capital.

Akereos Capital acted as sole bookrunner, structurer, and exclusive debt advisor to ASE, that was also advised by Reed Smith (legal). CarVal was advised by Norton Rose Fulbright (legal), ARUP (technical), and Baringa Partners (commercial).

AMPYR Solar Europe and KlimaVest signed an agreement to develop, build and commission a pipeline of large-scale solar PV projects in Germany. ASE oversaw developing the projects to a ready-to-build state and then providing engineering, procurement, construction management, and operation and maintenance services.

According to Mercom Capital Group’s Annual and Q4 2021 Solar Funding and M&A Report, in 2021, $18.7 billion was raised in large-scale project funding compared to $18 billion in 2020.

RELATED POSTS

thumbnail
Top 5 States for Open Access Solar Installations in CY 2022

India added an impressive 2.5 GW open access solar capacity in 2022, registering a growth of 92% year-over-year (YoY), according to the 2022 Q4 & Annual Mercom India Solar Open Access Market Report. Karnataka emerged as the to...

March 23, 2023

Markets & Policy

Government Clarifies ALMM Enlistment Guidelines for Co-branded Solar Modules

The Ministry of New and Renewable Energy (MNRE) has modified the Approved List of Models and Manufacturers (ALMM) guidelines and provided exceptions to broaden the qualification criteria for modules produced under agreements betwe...

March 24, 2023

C&I

In Bengaluru, a 100 kW Solar System Can Save C&I Entities ₹1 Million Annually

Mercom India successfully concluded the C&I Clean Energy Meet 2023 in Bengaluru, where stakeholders in the solar sector and commercial and industrial entities converged to enthusiastically discuss the benefits of renewable ene...

March 24, 2023

Other

Gensol Acquires Solar Tracker Maker Scorpius for ₹1.35 Billion

Gensol Engineering, a part of solar engineering, procurement, and construction (EPC) company Gensol Group, has acquired India-based solar tracker manufacturer Scorpius Trackers for ₹1.35 billion ($16.4 million). Gensol said the ac...

March 23, 2023

Magazine

DON'T MISS AN ISSUE!

Mercom Cleantech Magazine

Get Your Copy Today!

magazines

Latest News

thumbnail
Government Clarifies ALMM Enlistment Guidelines for Co-branded Solar Modules

The Ministry of New and Renewable Energy (MNRE) has modified the Approved List of Models and Manufacturers (ALMM) guidelines and provided exceptions to broaden the qualification criteria for modules produced under agreements...

March 24, 2023

thumbnail
Intra-State Sections of Evacuation Infrastructure for Renewables Delayed

The Ministry of New and Renewable Energy (MNRE) told the Parliamentary Standing Committee on Energy that the intra-state stretches of the Green Energy Corridor (GEC) have been delayed due to various reasons, including...

March 24, 2023

thumbnail
EnBW Takes €2.4 Billion Final Investment Decision on Offshore Wind Project

German electric utility company Energie Baden-Wuerttemberg (EnBW) has made its final €2.4 billion (~$2.6 billion) investment decision on He Dreiht, a major wind project in the German North Sea. The project has a capacity of 960...

March 24, 2023

thumbnail
India Missed 2022 Renewables Target as Rooftop Solar and Wind fell Short

The Parliamentary Standing Committee on Energy report has isolated underwhelming progress on rooftop solar and wind energy projects as the primary reason for India falling short of achieving its renewable energy capacity target...

March 24, 2023

thumbnail
Researchers Aim to Accelerate Delivery of Space-Based Solar Power to Earth

Researchers at Northumbria University are studying ways of producing wireless electricity from space to Earth by harvesting the Sun’s energy. U.S.-based aerospace, defense, and information security organization Lockheed Martin...

March 24, 2023

thumbnail
Regulator Directs Wind Energy Firm, MSEDCL, to Recompute Delayed Payment Charge

The Maharashtra Electricity Regulatory Commission (MERC) recently directed Hindustan Petroleum Corporation (HPCL) and the Maharashtra State Electricity Distribution Company (MSEDCL) to recompute the delayed payment charge from...

March 24, 2023

thumbnail
One-Step Coating Could Make Perovskite Solar Cells Commercially Viable

The National Renewable Energy Laboratory (NREL) has devised a new way to produce perovskite solar cells that could speed its commercialization. Different layers are typically added sequentially to a conductive glass substrate to...

March 24, 2023

thumbnail
ACWA Power to Develop Solar and Energy Storage Projects in Uzbekistan

Saudi Arabia-based energy company ACWA Power has signed power purchase and investment agreements with  National Electric Grid of Uzbekistan, and the Ministry of Investment, Industry, and Trade to develop new solar and battery...

March 24, 2023

thumbnail
China Securities Regulatory Commission Approves Canadian Solar’s IPO

The China Securities Regulatory Commission has approved the registration of CSI Solar, the engineering, procurement, and construction arm of solar module maker Canadian Solar, to issue an initial public offering (IPO). The...

March 24, 2023

thumbnail
Renewables Accounted for 83% of the Total Generation Capacity Added in 2022

Renewable capacity grew by 9.6% in 2022, adding a record 295 GW worldwide. This accounts for 83% of all power capacity added last year and brings the global renewable generation capacity to 3,372 GW by the end of last year, a...

March 24, 2023

MORE NEWS