NaGa Solar und AMPYR Solar Europe Secure €400 Million From Carval Investors to Develop and Construct Pipeline of European Solar Assets

London, February 16, 2022 - AMPYR Solar Europe LP (“ASE”), a pan-European solar IPP established by AGP Sustainable Real Assets, Hartree Partners and NaGa Solar, today announced the closing of a € 400 million facility with CarVal Investors ("CarVal”) to support ASE’s plans to bring over 2GW of solar power capacity into operation by 2025.

One year after its inception, we couldn’t be more proud to have reached this key milestone in ASE’s journey to become a leading European solar IPP. With the support of CarVal as our capital partner, we are on a steady path to turn our fast-progressing pipeline into a portfolio of large-scale solar power producing assets that will contribute meaningfully to Europe’s energy transition.

Andrew Gould - Executive Chairman of AMPYR Solar Europe

 

CarVal has made available an initial tranche of € 250 million as well as a further incremental tranche of € 150
million. This facility will predominantly cover the construction costs of solar assets as well as providing some
development capital and operational expenses. The initial focus will be on sites in Germany, Netherlands, and
the UK with the facility having the potential to extend to other European jurisdictions as well as allowing for
funding of energy storage projects.

We are excited to have ASE as one of our partners as we expand our footprint in the rapidly evolving clean energy transition. We view the breadth of skills and track record of the team as market leading and look forward to funding their growth. The capital-intensive nature of the clean energy transition means that partnerships like this remain one of the largest opportunity sets for CarVal.

Jonathan Hunt - Managing Director of CarVal Investors

 

ASE expects to break ground on its first projects in the second quarter of this year and be operational by the
end of the year. By 2025, once fully deployed, the generating portfolio is expected to be among some of the
largest utility scale solar platforms in Northwest Europe.

For NaGa Solar, this cooperation with CarVal is a remarkable concrete step towards an even stronger position in the German and Dutch solar market. It allows us to focus more on each stage of the value chain from site analysis to PPAs, strengthening our position in the market and building relationships with all key stakeholders, such as municipalities and administrations.

Aravinda Perera - Managing Director of NaGa Solar Germany

This transaction is yet another testament to the increasing investor engagement on the climate crisis, which cannot be resolved without massive private capital contribution. We are pleased to partner with CarVal Investors to help accelerate the transition to a zero-carbon Europe, and look forward to replicating this model across AMPYR Energy’s renewable platforms globally.

Elmahdi Tahri - AGP Partner and Global CIO of AMPYR Energy
The recent gas crisis in Europe has highlighted the urgent need for more renewable energy sources to reduce the continent’s dependency on gas and other fossil fuel sources. This initial 2GW development forms a significant part of ASE’s overall ambition to roll out 5GW of large-scale solar projects in Northwest Europe.

Volatile and competitive power markets increasingly require solar developers to optimise between long-term power purchasers, the grid and storage assets. ASE combines the partners’ strengths in asset development and merchant market risk management and we are delighted that CarVal recognise and support our strategy.

Abraham Kozhipatt - Partner and Co-Head of Renewable Infrastructure Assets at Hartree Partners
Akereos Capital acted as sole bookrunner, structurer and exclusive debt advisor to AMPYR that was also advised by Reed Smith (legal). CarVal was advised by Norton Rose Fulbright (legal), ARUP (technical) and Baringa Partners (commercial).

About the companies

About CarVal Investors
CarVal Investors is an established global alternative investment manager
focused on credit-intensive assets and market inefficiencies. Since 1987, CarVal’s
team has navigated through ever-changing credit market cycles,
opportunistically investing $133 billion in 5,610 transactions across 82 countries.
Today, CarVal Investors has approximately $11 billion in assets under
management in corporate securities, loan portfolios, structured credit and hard
assets. To date, CarVal has invested over $2.5 billion in the clean energy sector.

About NaGa Solar

Based in Maastricht and Frankfurt, NaGa Solar is a developer of large-scale photovoltaic projects and other solar energy solutions with an extensive presence in the Netherlands and Germany. NaGa Solar develops and implements ground-mounted, rooftop and floating solar parks in a variety of applications: e.g. low-yield agricultural land, industrial land and landfills. The solutions developed by NaGa Solar cover the entire value chain – from individual site analysis to completion and operation of the PV plant to IPPs and beyond. Contributing to the reduction of CO2 emissions, implementing dual land use and creating a positive social impact in local communities are important goals for the company.

About AGP and AMPYR Energy

Headquartered in Singapore, AGP Sustainable Real Assets (“AGP”) is an asset
development and investment management group, investing in, developing
and operating sustainable infrastructure. AGP established AMPYR Energy, its
global renewable energy platform, to power the future and respond to the rapid
changes in the energy sector worldwide. With operations and assets in Europe,
India, Australia, and the USA, AMPYR Energy provides low-cost renewable
power, battery storage and other network and non-network solutions to
customers.

About Hartree Partners LP

Hartree Partners is a global energy and commodities trading company, with
decades of experience in the physical and financial energy and commodities
markets. Hartree is at the forefront of finding investment solutions, consulting,
and generating sustainable and commercially viable strategies for energy
renewal and regeneration. The company has an extensive portfolio including
midstream natural gas, oil assets, power generation, renewables, and
environmental products. Hartree’s rigorous research, analytical approach, and
entrepreneurial culture have contributed to its strong track record and growth.