European solar power company AMPYR Solar Europe (ASE) has secured a €400 million ($455 million) facility from CarVal Investors to commission more than 2 GW of solar power capacity in Eastern Europe. 2025.

To support ASE’s initiative, CarVal provided an initial tranche of €250m and an incremental tranche of €150m.

The facility will be used to cover the construction costs of the solar assets, as well as for development capital and operational expenses.

Managing Director of CarVal Investors, Jonathan Hunt, said: “We are delighted to have ASE among our partners as we expand our footprint in the rapidly evolving clean energy transition.

“We consider the breadth of skills and track record of the team to be market leading and we look forward to funding their growth.

“The capital-intensive nature of the clean energy transition means that partnerships like this remain one of the biggest sets of opportunities for CarVal.”

ASE will initially focus on developing sites in the Netherlands, Germany and the UK.

The company also plans to develop solar sites in other European regions and finance energy storage projects.

ASE intends to launch the first solar project in the second quarter of this year and have it online by the end of the year.

ASE Executive Chairman, Andrew Gould, said: “One year after its inception, we could not be prouder to have reached this key milestone in ASE’s journey to become a leading European solar IPP.

“With the support of CarVal as a financial partner, we are on track to transform our fast-paced pipeline into a portfolio of large-scale solar power generation assets that will significantly contribute to the energy transition of Europe.”

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

In September last year, the company signed an agreement with KlimaVest to develop a pipeline of solar PV projects in Germany.

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