Nordic developer Alight has secured a facility agreement with ABN AMRO and SEB for the financing of over 300MWp of solar parks in Finland. The agreement marks a significant step forward for Alight, with financial close reached on €46 million in senior debt for the company’s first Finnish project—a 100MWp solar park in Eurajoki, currently in the late stages of development.
The Eurajoki project, as part of the facility agreement, will serve as a blueprint for financing three additional solar projects within Alight’s Finnish pipeline. These projects, totaling more than 200MWp, are expected to receive upwards of €110 million in debt financing.
At the close of 2024, Finland’s total installed solar capacity was reported at 1.2GW, according to the Finnish Solar Energy Association. The financing deal for Alight’s projects could increase this capacity by approximately 25%, a significant contribution to the country’s renewable energy ambitions.
Warren Campbell, Alight’s Chief Executive, commented on the deal: “We applaud ABN AMRO and SEB for their leadership in financing the green transition, illustrated by this commitment to supporting sizable solar development in Finland. We look forward to strengthening our existing relationship with SEB and establishing strong ties with ABN AMRO, particularly in light of future financing needs required to build out our extensive pipeline of 800MW+ of Finnish solar projects.”
ABN AMRO’s Managing Director of Energy Transition, Project, and Infrastructure Finance, Lisa McDermott, highlighted Finland’s commitment to renewable energy: “Finland is committed to the EU’s energy and climate targets, and to reducing its dependency on imported fossil fuels, as evidenced by its favourable renewable energy policies and incentives. Alight has an admirable track record of building and operating solar parks, and we’re proud to support the company in its mission to accelerate the transition to a more sustainable future.”
Tuomas Salonen, Head of Project and Infrastructure Finance at SEB, also spoke on the importance of the projects, stating that backing Alight’s 300+MWp portfolio would be “nothing short of transformative” for Finland’s energy landscape.
The agreement marks a significant milestone for both Alight and Finland as the country continues to ramp up its renewable energy capacity to meet EU climate and energy targets.
