To support ASE’s initiative, CarVal has provided a €250m initial tranche and an incremental tranche of €150m.
The facility will be used to cover the solar assets’ construction costs, as well as for development capital and operational expenses.
CarVal Investors managing director Jonathan Hunt said: “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.”
ASE will initially focus on the development of sites in the Netherlands, Germany and the UK.
The company also plans to develop solar sites in other European regions and provide funding for energy storage projects.
ASE intends to break ground for the first solar project in the second quarter of this year and bring it online by the end of the year.
ASE executive chairman Andrew Gould said: “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.”
In September last year, the company signed an agreement with KlimaVest to develop a solar photovoltaic project pipeline in Germany.