Stockholm-based Alight, a solar developer and independent power producer, has secured €46M in a facility agreement with banks ABN AMRO and SEB. The agreement will provide a framework for financing the construction and operation of more than 300 MWp of solar parks in Finland.
As part of the deal, Alight secured the senior debt financing for a 100 MWp solar park project in Eurajoki, which is in the late-stage development.
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 favourable 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.”
In September, Alight secured a €110M senior debt facility from Dutch lender Rabobank to develop 220 MWp of small- to medium-sized solar parks in Sweden. The latest financing follows this agreement, supporting Alight’s expansion in the renewable energy sector.
Capital utilisation
Alight plans to use the financing model established for the 100 MWp Eurajoki solar park to support three more projects in Finland. These additional projects will have a combined capacity of over 200 MWp and will receive more than €110M in debt financing.
According to the Finnish Solar Energy Association, Finland’s total solar power capacity was 1.2 GW at the end of 2024. The overall framework agreement, which covers more than 300 MWp, could increase the country’s total solar capacity by about 25 per cent.
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.”
Tuomas Salonen, Head of Project & Infrastructure Finance Finland at SEB, adds, “At SEB, we recognise 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.”
Accelerating the transition to solar
Alight focuses on helping businesses with high energy consumption transition to solar power. The company develops, owns, and operates solar projects across Europe, providing clean energy through power purchase agreements (PPAs) at a stable, low cost without relying on government support or subsidies.
Alight aims to have an installed capacity of at least 5 GW by 2030, contributing to a more sustainable energy system.
Brief about the banks supporting Alight
Amsterdam-based ABN AMRO is a bank that offers financial products and services to retail, corporate, and private banking clients. It primarily operates in Northwest Europe. The bank serves over 5 million clients and has more than 19,000 employees.
SEB is a Northern European financial services group with operations in more than 20 countries and approximately 19,000 employees. The company provides financial advice and services in Sweden and the Baltic countries. In Denmark, Finland, Norway, Germany, and the UK, SEB focuses on corporate and investment banking, offering full-service solutions to businesses and institutions.
SEB aims to support economic transition and long-term financial planning in collaboration with its customers.
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