DIF Capital Partners will purchase a controlling interest in Alight, a leading Nordic developer of subsidy-free solar projects with its headquarters in Stockholm.
A secondary buyout of certain current shareholders is also included in the arrangement, along with a €150 million euro investment. Alight will bolster the development of its pipeline of solar projects going forwards with the money raised.
The business will accomplish this through constructing projects, maintaining ownership of them moving forward, and assisting in the transformation into an independent power producer.
Alight created some of Sweden’s largest solar parks in addition to providing numerous onsite solar solutions. The company gained traction in the Nordic solar market by supplying solar power purchase agreements (PPAs) to significant commercial and industrial (C&I) power consumers.
Alight will be able to expand its development of new solar projects in the Nordics and more generally throughout Europe thanks to the financing.
With its subsidy-free approach to solar PPAs, Alight is currently a frontrunner in Europe’s commercial solar roll-out nine years after its foundation in 2013.
Alight has approximately 1 GW of projects under progress in its home Nordics, the majority of which will be completed in the upcoming 24 months. Additionally, Alight is developing a 170 MW pipeline across Europe.
Alight now wants to produce 5 GW of PPA-backed solar projects across the Nordics and Europe by 2030 after initially aiming to create 1 GW of solar assets by 2025.
Major electricity customers are protected from price spikes by Alight’s PPAs, which offer set prices on 10–20 year contracts.
Co-located battery storage, a crucial component of ensuring that grid stability can handle the solar roll-out, is also being rolled out by Alight in Sweden.
Alight stated in October that a 12 MW solar park near Linköping would house Sweden’s largest co-located solar-plus-storage facility when it was finished in December.
The 18 MW asset, created for Martin & Servera near Skurup, is the largest operational solar park in Sweden and is developed and run by Alight. The organisation wants to incorporate co-location storage into current initiatives and make existing assets storage-ready.
Financial advisors Newsec Infra and Mannheimer Swartling provided advice to Alight (legal adviser). Augusta & Co (finance) and DLA Piper provided advice to DIF (legal).