Amarenco targets 3GW of under-construction solar by 2023 after shutting funding offer

Nov 11, 2020 03:39 PM ET
  • Independent power manufacturer (IPP) Amarenco Group has safeguarded EUR150 million (US$ 176.8 million) in financing as it aims to increase solar project growth in Europe and also Asia.
Amarenco targets 3GW of under-construction solar by 2023 after shutting funding offer
Image: Amarenco Group/Twitter

The funding raising, which saw property administration firm Tikehau Capital "add dramatically", will see Ireland-headquartered Amarenco move on with strategies to transform its merging and also procurement deals as well as project pipeline right into "value-generating properties".

The money raised incorporates a share funding increase and an equity line amounting to EUR150 million. According to Amarenco's co-founders, the funding will certainly add to the business's passion to have more than 1GW of projects under construction in the coming months as well as 3GW by 2023 in Europe, Asia Pacific as well as the Middle East.

"We have no doubt that the entrepreneurial spirit of Tikehau Capital as well as its global network will certainly contribute to the achievement of our objectives," they claimed in a joint statement.

Amarenco, which has actually completed more than 2,000 solar PV projects to date, stated it intends to accelerate its development technique by taking a "distinctively flexible technique" to partnering with neighborhood and also local designers, asset proprietors and also IPPs in order to separate itself in its chosen markets.

Amarenco began a resources elevating procedure at the beginning of the year to safeguard a total financial investment capability of EUR3 billion. In April, IDIA Capital Investissement along with three various other personal equity companies of Crédit Agricole took a EUR15 million risk in the company.

With IDIA likewise taking part in the most up to date resources increase, Maud Minoustchin, the firm's profile supervisor of energy change, said it has "showed its confidence in the deployment method" carried out by Amarenco. She included that the arrival of Tikehau Capital as a shareholder "notes a crucial turning point" in Amarenco's development.

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