Alight and Infranode sell rooftop solar installations to Bright Sunday

Alight and Infranode are selling 36 rooftop solar installations in Sweden to Bright Sunday. Together, the two companies pioneered long-term solar power purchase agreements (PPAs) in Sweden. The sale frees up capital for new projects and allows Alight to focus on large-scale solar parks and battery energy storage.

Alight, a leading solar developer and power producer, and Infranode, a leading Nordic infrastructure investor and a partner to Alight since 2017, have signed an agreement to sell a jointly owned portfolio of rooftop solar installations in Sweden to Bright Sunday, a Swedish company that finances and owns renewable energy solutions for businesses and the public sector.

The portfolio consists of 36 rooftop solar installations that supply renewable electricity to the businesses, housing cooperatives and public buildings they sit on.

“The portfolio includes Sweden’s first solar installations with long-term PPAs, which Alight developed and then financed together with Infranode. These installations were early proof that businesses and public sector organisations wanted solar power, and they laid the foundation for Alight’s business of selling solar power to companies with high electricity consumption. Finding the right owner mattered to us, and we are pleased that the portfolio is going to Bright Sunday, an experienced and capable owner of solar energy assets,” says Warren Campbell, CEO of Alight.

With the sale, Alight focuses its Swedish business on large-scale solar parks and battery storage, which supply businesses with renewable electricity under long-term PPAs.

“Together with Alight, we pioneered this industry and built the portfolio from the ground up, with solar power used directly in the buildings and long-term electricity contracts. We are very pleased with the transaction, which streamlines our portfolio and allows us to invest in new projects,” says Johan Tiselius, Partner at Infranode.

“These are well-run installations with stable customers on long-term contracts, exactly the kind of assets we own and manage today. We look forward to taking care of the customers and building on the work Alight and Infranode have put in over many years. The portfolio is a strong start as we re-establish Bright Sunday as a leading player in the Nordic market for behind-the-meter solar and batteries,” says Ludwig Ekström, CEO of Bright Sunday.

For customers, the deal means the installations move to an owner whose core business is behind-the-meter batteries and solar. Bright Sunday has offered solar-as-a-service since 2016 and will handle the day-to-day running of the installations. The existing agreements transfer with the installations, and Bright Sunday becomes the customers’ new contract party and point of contact.