In Sweden, DIF announced that it is acquiring a majority stake in the leading Nordic solar developer Alight.
An important investment
In Sweden, DIF Capital Partners invests €150 million to obtain a majority stake in Alight. The Stockholm-based company is one of the leading developers of non-subsidized solar projects in the Nordic countries. In addition to the initial investment, the agreement also includes a secondary buyout of a number of existing shareholders.
The capital raised represents an opportunity for Alight to expand its portfolio of solar projects in the near term. For this, the company will develop and retain ownership of future projects. An acceleration would occur in the development of new solar projects by Alight.
Alight CEO Harald Overholm states:
“I am proud of Alight’s track record to date and this investment will accelerate our leadership in subsidy-free solar construction. Our delivery of solar as a service to major electricity users makes us a natural partner for businesses of all sizes and sectors. We are excited to work closely with DIF to advance the business transition to renewable energy; they share our vision for the industry and the urgency of our work to accelerate the energy transition. Business energy use accounts for up to 70% of global electricity consumption. So it’s crucial to move quickly and efficiently to renewable energy.”
To this, DIF’s head of investments, Gijs Voskuyl, adds that they will enable Alight to realize their growth ambitions. Thus, it is crucial for the company to ensure energy security and reduce CO2 emissions.
A major player
Founded nine years ago, Alight is now a major player in the deployment of commercial solar energy in the Nordic countries. In addition to Sweden, the company is also active throughout Europe. This is based on a no-subsidy approach to purchasing solar energy.
In the Nordic countries, including Sweden, the company has multiple projects under development representing 1GW. It plans to complete the majority of these within the next two years. Alight also has 170MW of projects under development in Europe.
Initially, the company aimed to build 1GW of solar installations by 2025. Now it aims to provide 5GW of solar assets through PPAs in Europe by 2030. PPPs are particularly attractive because they protect customers from price increases.
