Newsec advises on project financing of Sweden's largest solar park

Newsec advised Alight AB – a leading grid-scale and behind-the-meter solar developer – on raising non-recourse project financing from SEB for its 64 MW project in Hallstavik, Sweden.

The financing is the first larger scale non-recourse project financing of a solar project in Sweden. It is also the first project financing of Alight after transforming into a fully integrated independent power producer and following the EUR 150 million investment from DIF Capital Partners in 2022, where Newsec acted as Alight’s adviser.

Alight will build, own and operate the 64 MW Hallstavik solar park outside of Norrtälje, Sweden. Axfood, a prominent food retail group in Sweden that includes Willys and Hemköp will purchase the clean energy via a 12-year power purchase agreement.

Harald Överholm, CEO at Alight, commented:

“Combating climate change is truly an all-hands-on-deck challenge and it’s exciting to see one of Sweden’s most respected companies, Axfood, taking the lead in enabling the buildout of more renewable energy. We’re proud that this will be Sweden’s largest solar park at the time of commissioning, and the fact that this is the first time non-recourse project financing will be used to build a solar park in Sweden is also a great milestone that signifies a promising shift in the feasibility of renewable energy projects to come.”

Further commenting on the cooperation with Newsec, Alight CEO Dr Harald Överholm continued:

“Newsec was a trusted and supportive advisor every step of the way, and we’re pleased that the partnership has contributed to a big milestone for the Swedish solar market.”

Omid Ashrafi, Managing Partner at Newsec commented:

“We are very thankful for the continued vote of confidence. It is a great pleasure to follow the development of Alight following DIF’s investment and its transformation to a leading solar focused independent power producer. Alight are truly in many ways pioneering the Swedish solar market.”