United States Investor funds Swedish PV outfit development
- CarVal has actually spent EUR100m in Svea Solar to build projects outside its home country
US outfit CarVal Investors has actually spent EUR100m in Svea Solar to money the growth of its utility scale solar parks.
The investment on behalf of funds managed by CarVal comes as Svea is increasing its Swedish utility-scale platform and also taking its very first steps developing solar parks abroad.
It must make it possible for Svea Solar to come to be an independent power manufacturer and also create as well as develop 500MW of solar projects, adding a significant amount of clean energy to Europe's power mix.
Svea Solar president and also founder Erik Martinson said: "By building utility solar parks, we get scale on solar power and make a substantial contribution to the energy system.
" This partnership with CarVal will give us the muscle to build our very own projects as well as to maintain our solid placement in Sweden while we additionally broaden right into various other European nations.
" The Svea Solar team is recognized to invite such a top quality investor to support our vision to remove fossil fuels."
CarVal Investors managing director Philip Blix stated: "We are thrilled to have Svea Solar as one of our companions in Europe.
" As the market leader in Swedish utility scale solar, we anticipate funding their development.
" The capital intensive nature of the clean energy change means that collaborations such as this stay a crucial possibility set for CarVal."
Svea Solar has been energetic in the development and building and construction of solar parks recently and also has actually been involved in the construction of over fifty percent of the solar parks constructed in Sweden so far.
Currently the company will certainly broaden to various other European countries as well, with Cyprus being the very first.