Powerfield, a Netherlands solar company that develops, builds and manages "virtual power stations", connecting solar farms to external storage and EV charging, has clinched a €500 million structured equity and portfolio financing (source - Silicon Canals).
The cash injection is provided by EIG, an energy and infrastructure private equity firm, together with German bank Landesbank Baden-Württemberg.
Headquartered in Wormer, in North Holland, Powerfield currently operates 1000 MWp of solar park generation capacity.
Solar parks integrate PV generation facilities with storage and additional infrastructure, such as EV charging stations that run directly from renewable solar radiation.
The funding is expected to allow PowerField to further develop its integrated platform, with a further 500 MWp solar capacity predicted to result from the deal's portfolio financing element.
An inaugural funding tranche was supplied on January 30 to deliver 120 MWp of solar park capacity.
Jean-Louis Bertholet, PowerField CEO, said: "We want to build the largest virtual power plant in Europe, in which we combine solar energy with storage in batteries and charging facilities for electric cars.
"We are proud that EIG and LBBW have joined us and that we have found two partners who support our ambitions and want to help us achieve the sustainable energy transition.”
EIG managing director Walid Mouawad, head of European power and renewables, added: "PowerField is at the forefront of the energy transition, and our partnership will contribute to the realisation of the Dutch plans to combat climate change through a unique combination of CO2-neutral electricity, storage and charging infrastructure for EVs.
"We are thrilled to be able to help realise the company’s growth potential and take the necessary steps towards a future with clean energy.”