United Kingdom – AMPYR Solar Europe, a pan-European solar IPP founded by AGP Sustainable Real Assets, Hartree Partners, and NaGa Solar, concluded a € 400 million facility with CarVal Investors to support ASE’s plans to put more than 2GW of solar capacity online by 2025.
CarVal has made a € 250 million initial tranche available, as well as a € 150 million incremental tranche. This facility will primarily cover the cost of solar asset construction, as well as some development capital and operational expenses. The first focus will be on locations in Germany, the Netherlands, and the United Kingdom, with the facility capable of expanding to additional European states and funding energy storage projects.
Europe’s recent gas crisis has emphasized the critical need for increased renewable energy sources to help the continent wean itself off of gas and other fossil fuels. This initial 2GW development is a critical component of ASE’s broader goal of developing 5GW of large-scale solar in Northwest Europe.
ASE anticipates breaking ground on its first projects in the second quarter of this year and becoming operational by year’s end. By 2025, when fully completed, the generating portfolio is planned to rival some of Northern Europe’s largest utility-scale solar platforms.