Carval invests $107M in Svea Solar

Global investment manager CarVal has invested €100 million (US$107 million) in Swedish solar company Svea Solar to support its expansion of utility-scale solar plants in Europe.

Svea Solar is expanding its Swedish utility-scale platform and CarVal’s investment will be used to help Svea Solar become an independent power producer (IPP) with a target of 500MW of solar PV.

Svea Solar aims to start establishing utility-scale solar parks abroad by expanding into other European countries, with Cyprus first on the list.

“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 Erik Martinson, CEO and co-founder of Svea Solar.

“We are excited to have Svea Solar as one of our partners in Europe,” said Philip Blix, managing director at CarVal Investors.

“As the market leader in Swedish utility-scale solar, we look forward to funding their growth. The capital intensive nature of the clean energy transition means that partnerships like this remain a key opportunity set for CarVal,” said Blix.