Svea Solar secures up to €185 million financing facility

Svea Solar Utility has secured a holding company (HoldCo) financing facility of up to EUR 185 million from Eiffel Investment Group and Arkéa Asset Management.

The financing will support the continued expansion of Svea Solar Utility’s renewable energy platform, funding the development, construction, and operation of utility-scale solar PV and storage assets in Sweden, Svea said. 

The HoldCo facility provides flexible capital and will be used to fund the investment needs of the platform across the project lifecycle. Svea Solar Utility currently has 220 MW of solar PV capacity in operation and under construction, including a 120 MW project which is on track to be completed by the end of this year.

“Securing Eiffel and Arkéa as financiers alongside the continued backing of AB Carval and Altor is a powerful endorsement of the attractiveness of the Swedish solar PV and BESS market, as well as in Svea Solar Utility’s leadership and growth,” said Pieter Godderis, Managing Director at Svea Solar Utility. “This financing is a critical building block to grow our operational portfolio past 2 GW over the next five years, while reinforcing our financial strength and long-term reliability our PPA partners expect."

“We are pleased to support Svea Solar Utility as an integrated IPP with a strong platform in Sweden,” said Jean-Charles Arrago, Managing Director at Eiffel Investment Group. “The quality and maturity of the portfolio, including operational, under construction and late-stage development assets, gives us strong confidence in the company’s ability to efficiently deploy and scale its portfolio.”  

Alexis Sarrazin, Co-Head of Infrastructure Debt at Arkéa Asset Management, said the financing was in line with its debt investment strategy of supporting experienced renewables IPPs in Europe in order to accelerate their development.