Energy Transition Project Debt for Institutional Investors
Financing the decarbonisation of Europe’s buildings through energy efficiency infrastructure – a distinct asset class of energy transition investing.
European Specialist in Project Debt for Building Decarbonisation
Solas Capital is a Zurich-based specialist in financing energy efficiency and behind-the-meter assets across Europe’s residential, public and industrial buildings. We invest in the installation of efficiency infrastructure that reduce energy demand in buildings such as HVAC, self-consumption solar PV, LED lighting, and heat pumps, delivering measurable climate impact alongside institutional-grade returns.
Since 2017, we have built one of Europe’s leading dedicated energy efficiency platforms, giving institutional investors access to this scaling segment of the energy transition through senior secured debt with contracted cash flows insulated from electricity prices.
40% of all energy within the EU is consumed in buildings
Energy efficiency is the most cost-effective way of cutting emissions and central to realising the energy transition. At the same time, reducing energy demand at the point of consumption lowers tenants’ energy bills, strengthens energy dependence, and contributes to Europe’s competitiveness. Read more in the case study section.
Why Invest in Energy Efficiency?
With infrastructure-debt characteristics and no exposure to electricity prices, energy efficiency diversifies existing energy transition allocations and strengthens Europe’s energy security.
Senior secured, contracted cash flows with an investment-grade risk profile and measurable climate impact, from financing building decarbonisation projects — held across infrastructure, private credit, alternatives and impact allocations.
EIB Commits €60 Million to Solas Capital-Advised Successor Fund
The European Investment Bank commits €60 million to Solas Sustainable Energy Fund II advised by Solas Capital.
The commitment scales the existing energy efficiency financing partnership between EIB and Solas Capital and will channel much needed institutional capital towards Energy-as-a-Service projects delivered by project developers across several EU countries.
Experts in Energy Efficiency Financing
Founded in 2017 by Sebastian Carneiro and Paul Kearney, our team now spans 15 motivated and passionate energy experts with long-standing experiencing in structuring project debt for Energy-as-a-Service businesses.
CASE STUDIES
Ground-Mounted PV Installation for Global Car Manufacturer
- Energy Produced: 13,890 MWh p.a.
- Emission Reduction: 66,505 t CO2 p.a.
- Energy Cost Savings: €1.28 million p.a.
Quanta Energy is a fast-growing renewable energy company focused on PV technology. It offers self-consumption Solar-as-a-Service to commercial and industrial customers alongside battery energy storage systems.
With the financing arranged by Solas Capital through the Solas Sustainable Energy Fund, Quanta has installed a 16.3 MW PV for self-consumption at a leading German car manufacturing facility in Poland. The project is one of the largest self-consumption PV systems in Central and Eastern Europe and enables the factory to meet 20% of its annual energy demand.
CASE STUDIES
Industrial Energy Efficiency for Dutch Dairy Producer
- Energy Savings: 967,000 MWh
- Emission Reduction: 192,000 t CO2
- Energy Cost Savings: €40.5 million
ENCORE Efficiency is a German Energy Service Company (ESCO) specialised in industrial energy efficiency projects. Solas Capital has entered a €33m framework with ENCORE to finance efficiency upgrades for a leading Dutch dairy manufacturer.
A total of 32 projects have been implemented for the dairy producer spanning heating, cooling, LED lighting and boiler replacements across multiple sites.
CASE STUDIES
Award-Winning Retrofit of Slovenian Municipal Building
- Energy Savings: 934,500 kWh p.a.
- Emission Reduction: 489,900 kg CO2 p.a.
- Energy Cost Savings: €280,800 p.a.
Resalta, a Slovenian energy service company, used financing provided by the Solas Sustainable Energy Fund to implement a deep building retrofit in a primary school and health center in Slovenia, including roof and facade insulation, new windows and doors, renovation of heating system, LED lighting, HVAC and thermostatic valves). The customers pay a monthly fee throughout the project tenor for the services and energy cost reduction. At the end of the contract, the benefits to the entire savings are transferred to the public entity.
CASE STUDIES
Heating Optimisation of 19 Story Apartment Building in Frankfurt
- Energy Savings: 250,000 kWh p.a.
- Emission Reduction: 59,700 kg CO2 p.a.
- Energy Cost Savings: €36,700 p.a.
PAUL Tech AG installs software-operated hydraulic balancing systems in the water and heating systems in multi-family residential buildings in Germany.
The installation in Frankfurt resulted in an increase to Energy Efficiency Class D from F.
Our Impact to date
Impacts are measured across the investment period (numbers per 12.08.2026)
News and Insights
Today in Luxembourg, Solas Capital AG has signed a €60 million commitment from the European Investment