DIF Capital Partners to take control of Swedish solar developer Alight

Dutch investment manager DIF Capital Partners will invest EUR 150 million (USD 150m) in Nordic solar developer Alight AB and acquire a majority stake in the business, the parties announced today.

The deal includes a secondary buy-out of a number of existing shareholders.

Set up in 2013 and based in Stockholm, Alight develops subsidy-free solar projects backed by power purchase agreements (PPAs). The company will use the investment to speed up the buildout of its near-term pipeline and support its transition into an independent power producer.

Alight has more than 1 GW of projects under development in the Nordics, a large part of which will be built out within the next 24 months. It also has a further 170 MW under development across Europe.

The company had an initial goal of constructing 1 GW of solar by 2025. Its current ambition is to deliver 5 GW of PPA-backed solar projects across the Nordics and Europe by the end of the decade.

Gijs Voskuyl, partner of DIF and head of investments for DIF Infrastructure VII, commented that the investor has been attracted by Alight’s position as a first mover in the growing Nordic solar market and its customer-led approach to winning long-term solar contracts.

Alight chief executive Harald Overholm said the investment will accelerate the company’s leadership in the subsidy-free solar build-out. “Our delivery of solar-as-a-service to major power users makes us a natural partner to companies of all sizes and industries,” added Overholm.

(EUR 1 = USD 1.000)

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