Swedish solar giant Alight pours millions into mega Finnish energy project

Already one of the leading solar developers and independent power producers in the Nordics, Alight announced on Monday that it has received four building permits for its latest mega project in Finland.

“We're proud to share that our 90 MWp #solar park in Harjavalta, Finland has received four building permits, covering two #PV areas [the physical surface area covered by photovoltaic (solar) panels or modules], a substation and a 30 MW battery storage system,” the company wrote on LinkedIn.

The park, in southwest Finland is set to generate an estimated annual amount of electricity comparable with the consumption of roughly 16,600 households. This makes it “one of the largest solar energy projects currently planned in Finland,” the company added on LinkedIn.

€46m from two major European banks

The expansion plans follow an announcement last week that the Stockholm-based energy company has signed a facility agreement (a type of loan) with European banks ABN AMRO and SEB. Some €46m ($50m) will be used to build a solar park in Eurajoki in southern Finland, providing energy for tens of thousands of households. Construction began last week, Alight confirmed to Impact Loop on Monday.

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The financing agreement also provides a framework for financing an additional three projects in Alight's near-term Finnish pipeline. Together, the company's new solar parks could boost Finland's solar power by about 25 percent, according to Alight.

The latest financing comes after Alight scored a €110m ($119m) loan from Dutch bank Rabobank last September to build smaller solar parks across Sweden.

“We applaud ABN AMRO and SEB for their leadership in financing the green transition, illustrated by this commitment to supporting sizable solar development in Finland,” said Alight’s CEO Warren Campbell in a news release following the announcement of the new loan.

An admirable track record

Lisa McDermott, Managing Director, Energy Transition, Project & Infrastructure Finance at ABN AMRO, added: “Finland is committed to the EU’s energy and climate targets, and to reducing its dependency on imported fossil fuels, as evidenced by its favourable renewable energy policies and incentives. Alight has an admirable track record of building and operating solar parks, and we’re proud to support the company in its mission to accelerate the transition to a more sustainable future.”

SEB confirmed it also wanted to work with Alight because it recognises the “urgency of the green transition." Tuomas Salonen, Head of Project and Infrastructure Finance Finland at SEB, said he had confidence that Alight’s portfolio would be “nothing short of transformative for the country’s energy landscape.”

The new CEO leading the plans

Alight was founded in 2013 and commissioned Sweden’s first utility-scale solar park through a deal with Swedbank, paving the way for the exponential growth of solar power in the Nordics.

Warren Campbell was appointed CEO of Alight in January, succeeding company co-founder Harald Överholm, who continues to work full time for Alight as Chairman of the Board.

Originally from Australia, Campbell has worked in the energy sector in various global markets for 25 years, and was was a partner in McKinsey’s global energy practice before joining Alight. He is also the founder and former CEO of bioenergy company Vireo Energy.