Alight, a leading Nordic solar developer and independent power producer, has secured a £34 million portfolio financing facility from SEB to build and operate behind-the-meter solar installations for commercial and industrial customers in the United Kingdom.
Image Credit: Alight
The facility creates an efficient and scalable financing platform for Alight’s growing portfolio of large behind-the-meter (BtM) projects in the UK. The portfolio comprises more than 50 MWp and includes projects expected to be commissioned no later than 2027. The projects are backed by long-term power purchase agreements (PPAs) with blue chip commercial and industrial companies, providing customers with predictable, long-term electricity prices.
Behind-the-meter means that the solar installation is built directly on or adjacent to the customer’s site, located on the consumers side of the utility meter, so the electricity is primarily used on-site. This helps reduce electricity costs, lower carbon emissions, and enhance the customer’s energy security, while also easing pressure on the public grid by generating power where it is used.
Warren Campbell, CEO of Alight, says: “We are very pleased to deepen our collaboration with SEB. We are in a rapid growth phase in this market in the UK and see massive interest from customers given the financial and environmental benefits. This facility enables us to accelerate our roll out of BtM-projects to some of Europe’s leading companies and thereby together accelerate the green transition.”
SEB has previously financed two of Alight’s utility-scale solar parks in Sweden and Finland through green loans and provided debt financing for Alight’s acquisition of Lidso solar park in Denmark, forming a strong foundation for the expanded partnership.
Roberto Saraceni, Head of Project & Infrastructure Finance UK at SEB, says: “SEB is firmly committed to supporting investments that accelerate the green transition. Alight’s portfolio of customer-proximate projects in the UK demonstrates how the combination of long-term customer relationships, a scalable and innovative financing structure, and proven project development capabilities can deliver real climate impact.”
Alight was one of the early pioneers in European behind-the-meter solar projects and have signed over 60 PPAs across Europe, including key projects with Lear in Alfreton, UK and in Valls, Spain, Kingspan in Jönköping, Sweden, and Toyota Material Handling in Paris. These projects illustrate the growing interest in behind-the-meter and private-wire solar solutions, which enable companies to hedge against volatile power prices, secure their energy supply, and advance their climate targets.