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(Bloomberg) — Swedish power company Alight AB acquired its first solar park in Denmark as broader turmoil in the Nordic renewable energy industry boosts the attractiveness of certain assets.

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“It’s more of a buyer’s market than it was a couple of years ago,” Alight Chief Executive Officer Warren Campbell said by phone. “Historically we have been more of a developer, developing our own projects, but certainly in the market now, we see an opportunity to do deals.”

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The Lidso project, developed by European Energy A/S, is located on the island of Lolland and will be one of Denmark’s largest solar parks with a capacity of 215 MWp when it’s commissioned later in 2025, Alight said in a separate statement. SEB AB will help finance the transaction with a €127 million ($139 million) loan.

Alight’s acquisition takes place against a backdrop of unsuccessful green ventures in the Nordic region. Northvolt AB filed for bankruptcy in Sweden last week, bringing an end to the company once touted as a European battery champion. In Denmark, the previously hyped Green Hydrogen Systems A/S entered restructuring while solar farm developer Better Energy A/S collapsed in December as funding dried up amid poor market conditions. 

“Everyone is watching these failed cases and trying to learn their lessons from that,” Campbell said. 

While lenders “are being more prudent,” Alight’s CEO says there’s still appetite to support new projects and the company is planning to make more acquisitions and strike partnership deals in Denmark, Finland and Sweden.

Alight was founded in 2013 and is majority owned by CVC DIF, the infrastructure arm of private equity firm CVC Capital Partners.

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