European conglomerate AMPYR Solar Europe (ASE) has secured a massive facility of $455 million or €400 million that will enable the company to establish about 2GW of solar power capacity into operation. This project will span the entire Europe and shall be complete by 2025. The facility has been secured from CarVal Investors.

AMPYR Solar Europe is a joint venture of AGP Sustainable Real Assets, Hartree Partners and NaGa Solar.

As far as the newly secured facility is concerned, CarVal has provided a €250 million tranche for the beginning and an incremental tranche of €150 million for the new project of ASE. It has been learnt that the funds will be employed to cover the construction costs of solar assets. They will also be used for development capital and operational or maintenance expenses.

“We are excited to have ASE as one of our partners as we expand our footprint in the rapidly evolving clean energy transition. We view the breadth of skills and track record of the team as market-leading and look forward to funding their growth,” says Jonathan Hunt, Managing Director for CarVal Investors.

Hunt also said that the capital-intensive nature of the clean energy transition means that partnerships like this remain one of the largest opportunity sets for CarVal.

As far as the said solar project is concerned, Netherlands, Germany and the UK will be the first development sites for the ASE. Other European regions will also be focused thereafter for developing solar power sites. The company has planned to provide additional funds for energy storage projects too.

The first solar project work will commence in the second quarter of 2022. ASE says that the project will be online by the end of the year. ASE had also signed an agreement with KlimaVest to develop a solar photovoltaic project in Germany in September 2021.