This strategic, long-term partnership between CarVal Investors (CarVal) and Svea Solar’s subsidiary Svea Solar Utility provides capital to expand the utility scale solar park business. The investment on behalf of funds managed by CarVal will enable Svea Solar to become an independent power producer and develop and build 500 MW of solar projects, adding a substantial amount of clean energy to Europe’s energy mix.
“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 own projects and to keep our strong position in Sweden while we also expand into other European countries. The Svea Solar team is honored to welcome such a world class investor to support our vision to eliminate fossil fuels”, said Erik Martinson, CEO and co-founder of Svea Solar.
“We are excited to have Svea Solar as one of our partners in Europe. As the market leader in Swedish utility scale solar, we look forward to funding their growth. The capital intensive nature of the clean energy transition means that partnerships like this remain a key opportunity set for CarVal”, said Philip Blix, Managing Director at CarVal Investors.
Svea Solar has been active in the development and construction of solar parks in recent years and has been involved in the construction of over half of the solar parks built in Sweden thus far. Now the company will expand to other European countries as well, with Cyprus being the first.
Earlier this spring Svea Solar announced another investment of €100 million aimed at residential PV solutions, led by Altor and with a contribution from Fredrik Österberg. Combined, these investments will inject over €200 million for further expansion in Europe, towards the goal of becoming Europe’s leading supplier of solar power.