In April 2026, a Swedish company, Alight AB, was able to commit to a financing deal as a borrower with the Swedish Bank SEB AB. The deal is worth £34 million and funds a project to expand solar parks into the UK, alongside electricity deals.
White and Case first represented Nala in the acquisition, conducting due diligence, structuring the conditions of the transactions, and assessing the potential financial and legal risks. W&C then represented Nala in the project financing, helping generate funding into a financial package.
Addleshaw Goddard advised Alight AB on the aspects of financing. The financing required due diligence, tax structuring and lender negotiation.The project is to be commissioned in 2027.
Why is Alight AB expanding into the UK, and why does it matter?
Alight AB has a strong foothold in the Swedish market. Previous projects with SEB have included a previous loan for a solar park that enabled a 12 year PPA deal with Axfood.
The UK is a strong market for a company to enter outside of the EU. Due to the geopolitical uncertainty surrounding oil and resulting steeper costs, the government has developed a rollout system for ‘plug in’ solar panels to make energy accessible. Additionally, as the Paris Agreement rolls closer, there is the added pressure to reduce energy sourcing from oil and gas to instead focus on localised sources. In a more general perspective, the UK is geographically the closest non-EU state to Sweden, therefore allowing a more accessible point to the international market. Finally, each project is backed with a Power Purchase Agreement (PPA). Because the PPA is a long term contract that allows a fixed price, it produces stable demand that is favoured in the energy sector.
Solar panels are an established form of renewable energy. There is already a pattern for liability, unlike newer forms of technology. That means there is a pre-existing structure for risk allocation, liability and a pattern of government policy. This is especially attractive for a lender, as more certainty results in a lower risk of losing the ability to recuperate their debts.
These conditions provide a lot of motives for Alight. Using a loan agreement ensures that they receive cash faster and can in turn develop their projects “no later than 2027”. Secondly, the security of PPAs means that they are able to repay the loan over a period of time, as the fixed prices cover the cost of the principal amount and interest. Finally, the UK provides a strong step further into an international market, building a network with energy companies that exist outside of the Scandinavian market.
Written by Olivia Omotajo-Jensen
5 June 2026