Press release

Svea Solar raises a further €100 million – this time for expansion of utility scale solar parks

Investment for expansion of utility scale solar parks

Svea Solar, one of Europe’s fastest growing energy companies, welcomes CarVal Investors as a new investor. The investment of €100 million is committed to the expansion of utility scale solar parks. The investment comes as the company is expanding its Swedish utility scale platform and taking its first steps building solar parks abroad.

This strategic, long-term partnership between CarVal Investors (CarVal) and Svea Solar’s subsidiary Svea Solar Utility provides capital to expand the utility scale solar park business. The investment on behalf of funds managed by CarVal will enable Svea Solar to become an independent power producer and develop and build 500 MW of solar projects, adding a substantial amount of clean energy to Europe’s energy mix.

“By building utility solar parks, we get scale on solar power and make a substantial contribution to the energy system. 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. The Svea Solar team is honored to welcome such a world class investor to support our vision to eliminate fossil fuels”, said Erik Martinson, CEO and co-founder of Svea Solar.

“We are excited to have Svea Solar as one of our partners in Europe. 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 Philip Blix, Managing Director at CarVal Investors.

Svea Solar has been active in the development and construction of solar parks in recent years and has been involved in the construction of over half of the solar parks built in Sweden thus far. Now the company will expand to other European countries as well, with Cyprus being the first.

Earlier this spring Svea Solar announced another investment of €100 million aimed at residential PV solutions, led by Altor and with a contribution from Fredrik Österberg. Combined, these investments will inject over €200 million for further expansion in Europe, towards the goal of becoming Europe’s leading supplier of solar power.

For more information, please contact:
Charlotte Olsson, Global Head of Corporate Communications, charlotte.olsson@sveasolar.com, +46 70 059 87 94

About Svea Solar

Svea Solar is one of Europe’s fastest growing cleantech companies and the #1 solar solution provider in Sweden. Starting in 2014 Svea Solar now has operations in five markets in Europe with approximately 800 employees. Svea Solar Utility Holding is affiliated to Svea Solar Renewable, a majority owner of the company. Starting in 2020 in Sweden Svea Solar Utility Holding has built over 20 large scale solar projects. In the PV residential segment, Svea Solar offers a powerful solution for sustainable living with solar panel systems, batteries, electric car chargers, fossil-free electricity contracts, and a platform enabling customers to produce, consume and sell their power. Svea Solar aims for a world where everyone can be self-sufficient on clean energy. Svea Solar has operations in Sweden, Germany, Spain, Belgium and the Netherlands.

About CarVal Investors

CarVal Investors is an established global alternative investment manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal’s team has navigated through ever-changing credit market cycles, opportunistically investing $135 billion in 5,630 transactions across 82 countries. Today, CarVal Investors has approximately $14 billion* in assets under management in corporate securities, loan portfolios, structured credit and hard assets. CarVal Investors has invested more than $2.5 billion in clean energy investments since 2017.

*AUM is comprised of fee-earning AUM and fee-eligible AUM. Fee-earning AUM includes those assets currently eligible to generate management fees. Fee-eligible assets includes capital that is committed to a CarVal Fund, but is currently uncalled or recallable. The number represented here excludes assets under CarVal’s management that are not generating fees due to the maturity of the Fund.

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