Alight secures €46 million to finance solar park
Alight, a Nordic solar developer and independent power producer, has signed a facility agreement with banks ABN AMRO and SEB which will serve as a framework financing agreement to be utilized for the financing of the construction and operation of more than 300 MWp of solar parks in Finland. As part of the agreement, Alight has reached financial close on €46 million of senior debt for its first Finnish project — a 100 MWp solar park in Eurajoki currently in late-stage development.
The facility agreement for the 100 MWp Eurajoki solar park will be replicated to finance three additional projects in Alight's near-term Finnish pipeline, totaling 200+ MWp and more than €110 million in debt financing. At the end of 2024, Finland's total installed capacity was 1.2 GW, according to the Finnish Solar Energy Association. As such, this framework financing agreement to finance 300+ MWp could boost Finland’s installed capacity by roughly 25%.
The financing follows a €110 million senior debt facility that Alight secured with Dutch lender Rabobank in September, which will finance 220 MWp of small- to medium-sized Swedish solar parks.
Warren Campbell, CEO at Alight, says: “We applaud ABN AMRO and SEB for their leadership in financing the green transition, illustrated by this commitment to supporting sizable solar development in Finland. We look forward to strengthening our existing relationship with SEB and establishing strong ties with ABN AMRO, particularly in light of future financing needs required to build out our extensive pipeline of 800 MW+ of Finnish solar projects.”
Lisa McDermott, Managing Director, Energy Transition, Project & Infrastructure Finance at ABN AMRO, says: “Finland is committed to the EU’s energy and climate targets, and to reducing its dependency on imported fossil fuels, as evidenced by its favorable renewable energy policies and incentives. Alight has an admirable track record of building and operating solar parks, and we’re proud to support the company in its mission to accelerate the transition to a more sustainable future.”
Tuomas Salonen, Head of Project & Infrastructure Finance Finland at SEB, says: “At SEB, we recognize the urgency of the green transition and are passionate about financing projects that accelerate it. Backing Alight’s 300+ MWp portfolio will be nothing short of transformative for the country’s energy landscape.”
