ASE secures €400 million from CarVal Investors to develop and construct pipeline of European Solar assets
AMPYR Solar Europe LP (“ASE”), a pan-European solar IPP established by AGP Sustainable Real Assets, Hartree Partners and NaGa Solar, today announced the closing of a € 400 million facility with CarVal Investors ("CarVal”) to support ASE’s plans to bring over 2GW of solar power capacity into operation by 2025.
CarVal has made available an initial tranche of € 250 million as well as a further incremental tranche of € 150 million. This facility will predominantly cover the construction costs of solar assets as well as providing some development capital and operational expenses. The initial focus will be on sites in Germany, Netherlands, and the UK with the facility having the potential to extend to other European jurisdictions as well as allowing for funding of energy storage projects.
ASE expects to break ground on its first projects in the second quarter of this year and be operational by the end of the year. By 2025, once fully deployed, the generating portfolio is expected to be among some of the largest utility scale solar platforms in Northern Europe.
The recent gas crisis in Europe has highlighted the urgent need for more renewable energy sources to reduce the continent’s dependency on gas and other fossil fuel sources. This initial 2GW development forms a significant part of ASE’s overall ambition to roll out 5GW of large-scale solar projects in Northwest Europe.
Akereos Capital acted as sole bookrunner, structurer and exclusive debt advisor to AMPYR that was also advised by Reed Smith (legal). CarVal was advised by Norton Rose Fulbright (legal), ARUP (technical) and Baringa Partners (commercial).
About the companies
About CarVal Investors
CarVal Investors is an established global alternative investment manager focused on credit-intensive assets and market inefficiencies. Since 1987, CarVal’s team has navigated through ever-changing credit market cycles, opportunistically investing $133 billion in 5,610 transactions across 82 countries. Today, CarVal Investors has approximately $11 billion in assets under management in corporate securities, loan portfolios, structured credit and hard assets. To date, CarVal has invested over $2.5 billion in the clean energy sector.
About Ampyr Solar Europe
AMPYR Solar Europe (“ASE”) was created through the merger of NaGa Solar with the existing Ampyr Energy UK solar joint venture between AGP and Hartree Partners, to create a major European solar enterprise with a combined pipeline of over 5GW of large-scale solar projects in the UK, Germany and the Netherlands. ASE brings together AGP’s experience in developing large-scale renewable power projects, Hartree’s cutting edge power trading analytics and zero carbon solutions with NaGa’s in-depth local knowledge and land development capability. Combining these complementary skills will speed up the build out of solar capacity and offers an attractive opportunity for institutional investors to deploy capital.
Headquartered in Singapore, AGP Sustainable Real Assets (“AGP”) is an asset development and investment management group, investing in, developing and operating sustainable infrastructure. AGP established AMPYR Energy, its global renewable energy platform, to power the future and respond to the rapid changes in the energy sector worldwide. With operations and assets in Europe, India, Australia, and the USA, AMPYR Energy provides low-cost renewable power, battery storage and other network and non-network solutions to customers.
About Hartree Partners LP
Hartree Partners is a global energy and commodities trading company, with decades of experience in the physical and financial energy and commodities markets. Hartree is at the forefront of finding investment solutions, consulting, and generating sustainable and commercially viable strategies for energy renewal and regeneration. The company has an extensive portfolio including midstream natural gas, oil assets, power generation, renewables, and environmental products. Hartree’s rigorous research, analytical approach, and entrepreneurial culture have contributed to its strong track record and growth.