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AMPYR Solar Europe, a leading pan-European solar developer and independent power producer (IPP), has successfully closed a framework project finance facility of up to £200 million with NORD/LB, known as the “energy transition bank of choice.” This landmark facility aims to support the construction and operation of approximately 400 MWp of solar PV assets across the UK, marking a significant step in the company’s growth strategy.
The initial drawdown from the facility will finance the Northwold Solar PV asset located in Norfolk, which is slated for commercial operation by January 2025. This project, underpinned by a Power Purchase Agreement (PPA) signed with international contractor Multiplex in 2023, represents the first of several UK solar developments expected under the framework. Additional assets are planned to achieve Commercial Operation Dates (COD) in 2025 and beyond.
Expanding Solar Capacity in the UK and Beyond
Tarun Agrawal, CEO of AMPYR Solar Europe, expressed satisfaction with the financing arrangement, emphasizing its significance for accelerating the company’s portfolio expansion. “We are very pleased to have closed this framework financing facility by establishing a strong relationship with a leading project finance bank. This facility will allow AMPYR Solar Europe to bring our Northwold Solar PV asset to market and will help accelerate the construction and operation of 400 MWp of solar assets in the UK over the near term,” Agrawal said.
Heiko Ludwig, Global Head of Structured Finance at NORD/LB, highlighted the importance of the initiative for the UK’s decarbonization goals. “Financing forward-thinking, distributed renewable energy projects like the Northwold Solar PV farm is a core part of NORD/LB’s mission. Increasing the UK’s solar capacity at all levels is a crucial component of the national decarbonisation plan, and we are delighted to partner with AMPYR Solar Europe on an important regional project that will meaningfully contribute to those objectives.”
Strategic Growth Across Europe
AMPYR Solar Europe is rapidly building its position as one of northwest Europe’s leading IPPs, with a development pipeline of nearly 1 GWp in the UK and an aggregate pipeline of 8 GWp across Germany, the Netherlands, and the UK. The Northwold project, as part of this framework, is expected to further solidify the company’s standing in the renewable energy sector.
Legal and Financial Support
The framework facility was finalized with legal support from Clifford Chance for AMPYR Solar Europe, while NORD/LB was advised by White & Case.
With this facility in place, AMPYR Solar Europe is poised to advance its ambitious solar energy initiatives across the UK and other European markets, contributing to the broader energy transition agenda.
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