Hartree Partners, AGP Group and NaGa Solar’s newly created European renewable energy platform has secured €400m from CarVal Investors to develop solar assets.
AMPYR Solar Europe (ASE) said CarVal has made available an initial tranche of €250m as well as a further incremental tranche of €150m.
The capital will mainly cover the construction costs of solar assets as well as providing some development capital and operational expenses. The commitment from CarVal will help bring over 2GW of solar power capacity into operation by 2025.
ASE said the initial focus will be on sites in Germany, the Netherlands, and the UK with the facility having the potential to extend to other European jurisdictions as well as allowing for funding of energy storage projects.
Andrew Gould, executive chairman of ASE, said: “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 independent power producer.
“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.”
Jonathan Hunt, managing director at CarVal Investors, said: “We are excited to have ASE as one of our partners as we expand our footprint in the rapidly evolving clean energy transition.”
Hunt said the capital-intensive nature of the clean energy transition means that partnerships like this remain one of the largest opportunity sets for CarVal.
Elmahdi Tahri, AGP Partner and global CIO of AMPYR Energy, said: “This transaction is yet another testament to the increasing investor engagement on the climate crisis, which cannot be resolved without massive private capital contribution.
“We are pleased to partner with CarVal Investors to help accelerate the transition to a zero-carbon Europe, and look forward to replicating this model across AMPYR Energy’s renewable platforms globally.”
Abraham Kozhipatt, partner and co-head of renewable infrastructure assets at Hartree Partners, said: “Volatile and competitive power markets increasingly require solar developers to optimise between long-term power purchasers, the grid and storage assets.
“ASE combines the partners’ strengths in asset development and merchant market risk management and we are delighted that CarVal recognise and support our strategy.”
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