The investment platform is made up of 50 solar plants located in southern Europe, whose development is led by Solarig. Once these facilities reach the Ready-to-Build phase, the investment vehicle N-Sun Energy, managed by Alantra Solar (partnership between Alantra and Solarig), will progressively acquire them. The 1.9 GW plant portfolio is expected to be fully developed by the end of 2025.
Alantra and Solarig have made significant progress on their 1.9 GW PV investment platform in its first year of existence.
Alantra Solar (grouping between Alantra and Solarig) has signed a debt financing agreement for 213 million euros with Rabobank, which acts as coordinator on behalf of a coalition of banks composed of ABN AMRO, BNP Paribas S.A., Commerzbank and Coöperatieve Rabobank as original lenders, for the construction of seven solar plants in the first lot that reach 306 MWp. Furthermore, during this first year, Solarig has completed the construction and connection to the grid of the vehicle’s first 16 MW solar plant located in the south of Spain, in Zafra (Badajoz), financed separately by Caja Rural de Soria.
As one of the largest solar development platforms in Europe, the investment vehicle N-Sun Energy, supported by the Swiss infrastructure manager Reichmuth Infrastructure and the French asset manager Amundi Energy Transition as strategic co-investors, will progressively acquire a portfolio of 50 photovoltaic plants in Italy and Spain – of which a relevant percentage will have battery hybridization –, which are being developed by Solarig, and the latest projects are expected to reach ‘RTB’ (Ready To Build) status by the end of 2025. As of today, the vehicle has already acquired 597 MWp from Solarig. Likewise, it is estimated that the investment platform will apply a total of 1,700 million euros, of which 700 million will be capital from the existing investment vehicle and successive funds, and the remaining 1,000 million will be debt.
N-Sun Energy aspires to become a highly diversified international multi-technology platform, generating nearly 2,700 GWh per year, which is equivalent to the annual consumption of more than 800,000 homes, and more than 180 million annual income by the end of 2026.
“In just one year, our progress is evident: Securing financing for the first batch of plants marks a fundamental milestone for our project, as does the successful construction of the first photovoltaic plant, which is already selling electricity. This rapid pace drives our commitment to accelerate the energy transition, while offering our investors interested in opportunities in the solar energy sector a very attractive model,” said Javier Mellado, managing partner of Alantra Solar.
“The solid support obtained from banking entities allows us to accelerate the development of one of the most prominent solar energy investment platforms in Europe. The clean energy produced by the 50 plants will help drive the energy transition of two key markets for us: Italy and Spain. This operation is not just another milestone, but a testament to the profitable and sustained growth we have experienced in recent years, and reflects our strong dedication to creating sustainable energy infrastructure, playing an active role in the decarbonization of communities in the that we operate,” declared José Miguel Moraga, general director of Solarig.
“We are very pleased to have advised Alantra Solar and Solarig in structuring the financing for the first batch of N-Sun Energy solar installations in Spain and Italy, coordinating the appointment of an experienced group of lenders. We are impressed with the cooperation between Alantra and Solarig in developing this first batch of facilities, as well as the following ones. As Bookrunner and Coordinator, Rabobank is positioned as a leading bank in the energy transition. We trust in good cooperation with all parties to support the growth of the platform investment,” commented Marc Schmitz, general director of renewable energy and infrastructure project financing for Europe at Rabobank.
Originating in Soria, Solarig develops the infrastructure necessary for the energy transition, and builds, operates and financially structures large-scale renewable energy projects. It currently manages more than 10 GW of photovoltaic assets and has a portfolio of more than 20 GW in 14 countries. The company drives global decarbonization in the places where it operates through renewable energy and green gas solutions.