AMPYR Solar Europe (ASE), a European solar energy company, has received a €400 million loan from CarVal Investors to put more than 2 GW of solar power capacity online in Europe by 2025. CarVal has contributed a €250 million first tranche and a €150 million supplemental tranche to assist ASE’s project. The loan will be used to fund the construction of the solar assets, as well as development capital and operating expenses.
ASE’s initial focus would be on developing sites in the Netherlands, Germany, and the UK. In addition, the company intends to build solar plants in other European areas and support energy storage initiatives. The first solar project will break ground in the second quarter of this year and be operational by the end of the year.
AGP formed a joint venture with Hartree and NaGa Solar to deploy solar projects across the UK, the Netherlands, and Germany. The new venture, called ASE, aims to develop at least 5 GW of solar projects in these three nations. With this joint venture, the companies aim to combine AGP’s experience in developing large-scale renewable power projects, Hartree’s cutting edge power trading analytics and zero-carbon solutions and NaGa’s in-depth local knowledge and land development prowess.
REGlobal’s Views: This is a significant financing round for ASE which will help the company expand its presence in the European solar market and will help bring the company much closer to its 5 GW goal.
