Svea Solar raises EUR 100m for utility-scale solar projects in Europe

Solar farm. Author: Juwi Renewable Energies Limited.

June 9 (Renewables Now) - Swedish solar company Svea Solar has received a EUR-100-million (USD 107.39m) investment from US-based fund manager CarVal Investors which will help it develop and build 500 MW of utility-scale solar projects in the home market and abroad.

The investment was made as part of a long-term strategic partnership with Svea Solar's subsidiary Svea Solar Utility, the Swedish company said today.

"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," said Svea Solar's co-founder and chief executive Erik Martinson.

The company has been involved in the development and construction of solar parks in Sweden in recent years and now plans to enter new markets in Europe, starting with Cyprus.

The partnership with CarVal follows another investment of EUR 100 million that the Swedish company received this spring to finance its core business, rooftop installations and energy optimisation solutions. The fresh capital came from Altor and Fredrik Oesterberg.

Last year, Svea Solar generated EUR 100 million in revenue and seeks to double it in 2022.

(EUR 1 = USD 1.074)

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