DIF Capital Partners is investing €150m in Nordic solar developer Alight to help build out new solar projects.
The €14bn global independent investment manager said it will acquire a majority stake in Stockholm-headquartered Alight from a number of existing shareholders as part of the investment.
Founded in 2013, Alight has over 1GW pipeline of projects under development in the Nordics, much of which will be built out within the next 24 months. The company also has an additional 170MW pipeline under development across Europe.
DIF’s investment will enable Alight to accelerate its build-out of new solar projects in the Nordics and more broadly across Europe.
Having set an initial target to build 1GW of solar assets by 2025, Alight now expects to have 5GW of power purchase agreement-backed solar projects delivered across the Nordics and Europe by 2030.
Harald Overholm, the CEO of Alight, said: “We are excited to work closely with DIF on progressing the corporate transition to renewables; they share our vision for the industry and the urgency of our work to accelerate the energy transition.
“Corporate power usage accounts for up to 70% of global electricity consumption, so making a prompt and effective shift to renewable energy is crucial. Solar remains the cheapest and quickest energy source to scale, so building more to deliver energy security and reduce emissions is crucial.”
Gijs Voskuyl, partner of DIF and head of investments for the DIF Infrastructure VII fund, said: “We have been impressed by Alight’s track record as a first mover in the growing Nordic solar market, in addition to their top quality customer-led approach to winning long-term solar contracts.
“We also share Alight’s vision on how to accelerate the energy transition in Europe and more specifically for their C&I customers, whilst also providing them with energy security at low cost in the current high power price environment. Alight’s team and outlook are a strong foundation to build upon and we are pleased to take this step, enabling Alight to realise its growth ambitions.”
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