Alantra and Solarig Partner to Launch a €1.7 billion Solar Investment Vehicle

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Global financial services firm Alantra has partnered with the utility-scale clean energy project developer Solarig, Switzerland-based Infrastructure asset manager Reichmuth and France-based asset manager Amundi Energy Transition to launch a solar investment vehicle to develop 1.9 GW capacity.

Alantra had signed a long-term partnership with these firms in 2021 for the solar investment platform. The portfolio will comprise of over 50 projects in Italy, and Spain, which are planned to reach ready-to-build status within the next 18 months.

The company said both markets have a capacity of 30 GW each and have proven quality photovoltaic structures, strong sector tailwinds, and possess stable financing conditions.

The collaboration has formed N-Sun Energy, an investment vehicle that will later acquire the projects for a total value of €1.7 billion (~$1.8 billion), of which €700 million (~$757.7 million) will be equity and the remaining €1 billion (~$1.08 billion) will be debt.

Alantra is currently raising the capital for the vehicle in which Reichmuth and Amundi have committed up to €265 million (~$286.9 million).

As part of the project, Solarig will oversee the development of different plants and ensure they reach operational status. The company will manage the operation and maintenance of the projects. On completion, the portfolio is expected to generate 2.7 GWh of energy per year, equivalent to producing power for the annual consumption of over 800,000 households and will generate over €180 million (~$194.8 million) in revenues annually.

“The partnership with an industrial partner like Solarig, backed by investors of the caliber of Reichmuth and Amundi, offers a strong response to this need. We aim to replicate this successful model in future portfolios,” Jacobo Llanza, CEO of Alantra Asset Management said.

Last year, Alantra and Enagas reached the final close of the Klima Energy Transition Fund, with €210 million (~$227.3 million) in commitments.

In May 2021, independent power producer Sonnedix acquired a 22.3 MW portfolio of solar photovoltaic projects located in Italy from Solarig.