Private funding backs renewables’ European expansion

Published: December 2, 2022

European renewable energy companies AMPYR Solar and Qair have tapped the private funding market for €443.7m, as the continent continues its push to net zero carbon output.

AMPYR Solar (ASE), a pan-European solar company, signed the biggest financing. The firm’s European arm raised €400m from asset manager CarVal Investors to develop and built a pipeline of European assets.

“We are seeing increasing levels of demand for long-term green power supply contracts from corporates and large businesses, including professional services, and expect this sector to become more active,” Andrew Gould, executive chairman of AMPYR Solar Europe, told EMEA Finance. “We have concluded a number of agreements with major corporate power users which we will announce later in the year.”

AMPYR Solar will use the funding to bring more than 2GW of solar power capacity into operation by 2025. 

The financing is split between two tranches; one for €250m that has already been made available and one for €150m that will be provided incrementally. CarVal will not own stakes in the projects as part of this funding agreement. 

The funding will mostly cover construction costs of solar assets, development capital and some operational expenses for sites in German, the Netherlands and the UK. 

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