A significant investment is set to accelerate solar energy expansion in Finland, as Stockholm-based solar developer Alight secures €46 million in financing. The funds, provided through an agreement with ABN AMRO and SEB, will facilitate the construction and operation of over 300 MWp of solar parks. As Finland continues to shift towards renewable energy, this deal underscores the increasing role of solar power in the country’s energy mix. The financing follows a previous agreement Alight made with Rabobank and highlights the company’s growing presence in the Nordic solar market.
Alight had previously secured €110 million in senior debt financing from Rabobank in September to construct 220 MWp of solar parks across Sweden. The new agreement builds on this momentum, marking another step in Alight’s expansion in the renewable energy sector. Finland’s total solar power capacity reached 1.2 GW by the end of 2024, and this new investment could increase the country’s solar capacity by approximately 25%. These developments align with Finland’s broader renewable energy targets, aiming to reduce reliance on imported fossil fuels and meet EU climate goals.
How will the financing be used?
The funding will initially support the development of a 100 MWp solar park in Eurajoki, which is in its late-stage development phase. Alight plans to use the same financing model for three additional solar projects in Finland, which will collectively contribute over 200 MWp of capacity. More than €110 million in debt financing has been allocated to these future projects, further solidifying Finland’s solar energy infrastructure.
According to the Finnish Solar Energy Association, the growth of solar power in the region has been steady, with this latest agreement expected to accelerate deployment. As a result, Finland could see a significant boost in its renewable energy capacity, reinforcing its commitment to sustainable energy solutions.
What do stakeholders say about the agreement?
“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,” said Lisa McDermott, Managing Director, Energy Transition, Project & Infrastructure Finance at ABN AMRO.
Warren Campbell, CEO at Alight, commented, “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.”
Tuomas Salonen, Head of Project & Infrastructure Finance Finland at SEB, added, “At SEB, we recognise the urgency of the green transition and are passionate about financing projects that accelerate it. Backing Alight’s 300+ MWp portfolio will be nothing short of transformative for the country’s energy landscape.”
Alight focuses on helping high-energy-consuming companies transition to solar power through power purchase agreements (PPAs). By developing, owning, and operating solar facilities, the company provides clean energy at stable costs without relying on government subsidies. The firm has set a goal to reach an installed capacity of at least 5 GW by 2030.
ABN AMRO and SEB, the financial institutions backing the project, have both been active in financing renewable energy projects. ABN AMRO operates primarily in Northwest Europe, serving over 5 million clients, while SEB, a financial services group with operations in more than 20 countries, focuses on corporate and investment banking in Finland, Sweden, and other European markets.
The expansion of solar energy in Finland reflects broader trends in the European renewable sector, where financial institutions are playing a crucial role in supporting large-scale projects. While wind power has historically dominated Finland’s renewable energy landscape, the increasing investment in solar energy signals a diversification of clean energy sources. With Alight securing new financing, the company’s ongoing investment in solar infrastructure could contribute to a more balanced and resilient energy mix for Finland.
