Alight has secured about $123 million from Rabobank to build 220 MW of solar parks in Sweden. Only three of the parks are named, and together they add up to 25 MW. The rest of the money is for projects that will be picked over the next two years, none larger than 50 MW. That shapes how the loan works, and it says a lot about the kind of developer Alight is.
Key takeaways
- Alight secured a loan of about $122.5 million from Rabobank, announced on 20 September 2024, to develop up to 220 MW of solar parks in Sweden.
- The Rabobank facility will finance small to medium-sized Swedish solar projects of up to 50 MW each over the following two years, which Alight will build, own and operate.
- Alight's initial projects under the Rabobank loan are a 4 MW solar park in Halland, a 6 MW park in Sodermanland and a 15 MW park in Uppland, a combined 25 MW.
- At about $0.56 million per MW, Alight's Rabobank loan matches the debt per MW of the $55.6 million Danske Bank loan for the 100 MW Hultsfred solar farm that Alight and Neoen financed in January 2025.
- Enerdatics records five solar debt financings in Sweden announced from 2023 onwards; three are Alight's, and the Rabobank loan was the largest until Svea Solar's $215.7 million financing in June 2026.
How does a loan finance projects that have not been chosen yet?
By lending against a portfolio rather than a plant. A conventional project finance loan is sized for one named project, with its own contracts, permits and construction schedule. A portfolio facility sets an overall limit and lets the developer draw it down project by project, provided each new park meets criteria agreed with the lender in advance.
That is the structure here. Rabobank has committed about $122.5 million for up to 220 MW, and the first three parks are only 25 MW, about 11 percent of the total. The remaining 195 MW is capacity Alight expects to add within two years. Because no single project can exceed 50 MW, that means at least four more parks, and probably many more if they resemble the first three.
Alight described the benefit as flexibility to accelerate solar development amid growing electricity demand in Sweden. For a developer whose projects are small, that flexibility matters. Arranging a separate loan for a 4 MW park can cost nearly as much in legal and advisory work as one for a 40 MW park. A single facility spreads that cost across the whole programme.
Why does Alight build small parks?
Its record in Leap points to a business built around supplying specific corporate customers. Alight's Swedish power contracts in Leap are almost all with named companies: Martin & Servera for 18 MW in 2020, Axfood for 40 MW in 2021, H&M Group for 85.5 MW from Hultsfred in 2022, Axfood again for 64 MW in 2023 and H&M for 23 MW in January 2024. In May 2025 it added a contract with Akzo Nobel for a 15 MW Swedish solar park.
Parks sized to individual buyers tend to be small and spread out. The three initial projects under the Rabobank loan sit in three different Swedish regions: Halland, Sodermanland and Uppland. A portfolio loan suits that geography better than a series of single-asset financings would.
Alight has also brought in equity. In January 2024 it raised an undisclosed investment from Infranode for the development and construction of a solar project in Sweden. Debt from Rabobank and equity from an infrastructure investor give it two sources of capital for the same build-out.
How does the Rabobank loan compare with other Swedish solar debt?
It is larger than most, and almost identical per MW to Alight's own Hultsfred financing. Enerdatics' data shows five solar debt financings in Sweden announced from 2023 onwards:
- Alight, SEB, for a 64 MW solar park, June 2023, amount undisclosed.
- Alight, Rabobank, up to 220 MW, September 2024, about $122.5 million.
- Alight and Neoen, Danske Bank, the 100 MW Hultsfred solar farm, January 2025, about $55.6 million.
- Svea Solar, Swedbank, September 2025, about $42.5 million.
- Svea Solar Utility, Eiffel Investment Group and Arkea, June 2026, about $215.7 million.
At about $0.557 million per MW, the Rabobank facility lands within a fraction of a percent of Hultsfred's $0.556 million per MW. One is a portfolio facility for parks not yet chosen; the other is a single-asset construction loan for a named 100 MW farm. That the two price capacity almost identically suggests the lenders were applying similar assumptions about Swedish solar output and revenue.
Swedish renewable debt is better documented in wind than in solar. Enerdatics' ranking of Sweden's wind debt since 2023 shows RPC's facility of about $603 million, nearly three times the largest Swedish solar financing in Leap. Rabobank also lends to solar elsewhere in Europe; in Spain it was one of the banks behind Cero Generation's Palencia portfolio and Alantra and Solarig's loan.
What does the deal signal for Nordic solar?
It signals that Swedish solar has reached the point where lenders will commit to a programme rather than a project. A bank does not sign a portfolio facility of this kind unless it is comfortable with the asset class, the developer and the route to market.
It also signals how Alight intends to grow. After the Rabobank loan, Leap records it borrowing about $48 million from ABN AMRO and SEB for the Eurajoki solar project in Finland, a loan from the same banks for a 200 MW Finnish project with no amount disclosed, and about $138 million from SEB to acquire the Lidso solar park in Denmark, all in early 2025. The pattern is a developer extending across the Nordics, with a bank relationship behind each market.
Finally, it shows how small the Swedish solar debt market still is. Five financings in more than three years, three of them by one company, is a thin record. Each new deal moves the benchmark, and Alight's facilities still define much of it.
Frequently asked questions
How much did Alight borrow from Rabobank? Alight secured a loan of about $122.5 million from Rabobank, announced on 20 September 2024, to finance up to 220 MW of solar parks in Sweden over two years.
Which projects does the Alight Rabobank loan finance first? The first projects are a 4 MW solar park in Halland, a 6 MW park in Sodermanland and a 15 MW park in Uppland. Later projects can be up to 50 MW each.
Who buys power from Alight's Swedish solar parks? Alight sells to corporate buyers under PPAs, including Axfood, H&M Group, Martin & Servera and Akzo Nobel.
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