Svea Solar raises EUR 100m for utility-scale solar projects in Europe
- Swedish solar firm Svea Solar has obtained a EUR-100-million (USD 107.39 m) financial investment from US-based fund manager CarVal Investors which will help it create and also build 500 MW of utility-scale solar projects in the residence market and abroad.
The financial investment was made as part of a long-term calculated partnership with Svea Solar's subsidiary Svea Solar Utility, the Swedish company stated today.
"This collaboration with CarVal will give us the muscle to build our very own projects and to keep our strong placement in Sweden while we also broaden into other European countries," said Svea Solar's founder and also president Erik Martinson.
The business has been involved in the advancement and construction of solar parks in Sweden recently and also currently plans to get in new markets in Europe, beginning with Cyprus.
The partnership with CarVal adheres to one more investment of EUR 100 million that the Swedish company received this spring to fund its core organization, roof setups and also power optimisation solutions. The fresh resources originated from Altor as well as Fredrik Oesterberg.
In 2014, Svea Solar produced EUR 100 million in revenue and also looks for to double it in 2022.
