AMPYR Solar Secures £200M Financing from NORD/LB to Power UK Solar Expansion

AMPYR Solar Europe, a leading pan-European solar developer and independent power producer (IPP), has finalized a £200 million framework project finance facility with NORD/LB, a bank recognized as the “energy transition bank of choice.” The funding will support the construction and operation of 400 MWp of solar PV assets across the UK, strengthening AMPYR’s growth strategy in renewable energy.

The first allocation of the facility will finance the Northwold Solar PV project in Norfolk, set to commence operations by January 2025. This initiative is supported by a Power Purchase Agreement (PPA) signed in 2023 with global contractor Multiplex. Additional projects under the framework are expected to achieve Commercial Operation Dates (COD) in 2025 and beyond.

Tarun Agrawal, CEO of AMPYR Solar Europe, expressed enthusiasm about the financing. “This facility will bring our Northwold Solar PV asset to market and accelerate the construction and operation of 400 MWp of solar assets in the UK,” he said.

Heiko Ludwig, Global Head of Structured Finance at NORD/LB, emphasized the bank’s commitment to UK decarbonization goals, stating, “Financing renewable projects like Northwold Solar PV is central to our mission.”

AMPYR Solar Europe is advancing its position as a top IPP with a pipeline of nearly 1 GWp in the UK and 8 GWp across Germany, the Netherlands, and the UK. Legal counsel for the deal was provided by Clifford Chance for AMPYR and White & Case for NORD/LB.

This strategic partnership is set to propel AMPYR’s renewable energy objectives and contribute significantly to the UK’s energy transition plan.

Source: SOLARQUARTER