Independent power producer (IPP) AMPYR Solar Europe has secured a €200 million (US$215 million) framework project finance facility with Dutch bank Rabobank.
The financing will be directed towards the construction and operation of 350MWp of solar PV assets across Europe, starting with the finance of three solar PV projects in the Netherlands.
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This enables AMPYR to build its first solar asset in the Netherlands and expand its growth in Europe as an IPP, with a particular focus on Germany as well as the Netherlands.
The projects will be built in the communities of Echt-Susteren, Tinte and Venray, with construction set to commence briefly and with an expected commercial operation date of Q1 2024 for the three projects.
The IPP currently has a development pipeline of more than 1GWp in the Netherlands – in part due to the acquisition of Netherlands-based SolarEnergyWorks and its 750MWp asset pipeline of ready-to-build and under-development assets – and a pipeline of more than 6GWp between Germany and the UK.
Dhruv Menon, chief financial officer at AMPYR Solar Europe, said: “It is very important for us to find a partner like Rabobank. We need a leading player in the project finance market who is also sensitive to the needs of the local communities taking part in the green energy transition. Rabobank’s unique global-yet-local footprint has allowed us to provide bespoke partnership solutions to local communities and local energy corporations.”
AMPYR continues to expand its European portfolio and finance its projects, after securing last year a €400 million loan facility with CarVal Investors to fund 2GW+ of solar PV across Europe by 2025.
