AMPYR Solar Europe's (ASE) has announced a new partnership with CarVal Investors, which will help it develop over 2GW of solar power capacity by 2025.
An initial payment of £209 million (€250 million) has been made with an additional increment of £125 million (€150 million) for a facility that will cover the construction costs of solar assets with a focus on sites in the UK, Germany and the Netherlands.
Andrew Gould, executive chairman of ASE, said: “With the support of CarVal as our capital partner, we are on a steady path to turn our fast-progressing pipeline into a portfolio of large-scale solar power producing assets, that will contribute meaningfully to Europe’s energy transition.”
ASE was established last year as a result of a joint venture between AGP Sustainable Real Assets, Hartree Partners and NaGa Solar with the intention to develop a portfolio of at least 4GW solar projects. “One year after its inception, we couldn’t be more proud to have reached this key milestone in ASE’s journey to become a leading European solar IPP,” added Gould.
The company expects to start with its first projects in the second quarter of the year and be operational by the end of the year.
Jonathan Hunt, managing director at CarVal Investors, said the company was "excited" to partner with ASE as they expand their presence in the clean energy transition.
“We view the breadth of skills and track record of the team as market leading and look forward to funding their growth. The capital-intensive nature of the clean energy transition means that partnerships like this remain one of the largest opportunity sets for CarVal.”