Independent power producer Amarenco has purchased a 90% stake in PV solar panel owner Infram from investment company M&G’s infrastructure equity investment arm Infracapital.
Both Amarenco and Infracapital agreed on a joint venture (JV) in January 2017 with a 19MW operational project and two seed projects, with 25MW combined, in the late stages of construction. According to Infram, it constructed a portfolio of 220 sites with a capacity of over 125MW from an initial operational portfolio of 19MW.
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Infram focuses on building roof-mounted PV solar panels placed on top of newly-built barns and greenhouses to be used by local French farmers. Infracapital invested in Infram through Infracapital Greenfield Partners I (IGP I), with a strategy of building, delivering and operating essential greenfield infrastructure.
“Infram has an important role to play in providing affordable and clean renewable energy to address growing energy demands and reduce CO2 emissions. We look forward to seeing the business’s further expansion under Amarenco and Infram’s management team over the coming years,” said Michele Armanini, greenfield managing director of Infracapital.
Apart from this transaction, Amarenco has also raised €300 million (US$317.75 million), which enabled asset management firm Arjun Infrastructure Partners to acquire a minority stake in the company.
The new round of financing will help Amarenco expand its solar, energy storage and agrivoltaic infrastructure, focusing on corporate offtakers by collaborating with them to achieve their net carbon ambitions and work on their long term power price hedging strategies.