Amarenco targets 3GW of under-construction solar by 2023 after closing funding deal

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Ireland-headquartered Amarenco Group has completed more than 2,000 solar PV projects to date. Image: Amarenco Group/Twitter.

Independent power producer (IPP) Amarenco Group has secured €150 million (US$176.8 million) in funding as it looks to ramp up solar project development in Europe and Asia.

The capital raise, which saw asset management firm Tikehau Capital “contribute significantly”, will see Ireland-headquartered Amarenco move forward with plans to convert its merger and acquisition deals as well as project pipeline into “value-generating assets”.

The money raised combines a share capital increase and an equity line totalling €150 million. According to Amarenco’s co-founders, the funding will contribute to the company’s ambition to have more than 1GW of projects under construction in the coming months and 3GW by 2023 in Europe, Asia Pacific and the Middle East.

“We have no doubt that the entrepreneurial spirit of Tikehau Capital and its international network will contribute to the achievement of our goals,” they said in a joint statement. 

Amarenco, which has completed more than 2,000 solar PV projects to date, said it intends to accelerate its growth strategy by taking a “uniquely flexible approach” to partnering with local and regional developers, asset owners and IPPs in order to differentiate itself in its chosen markets.

Amarenco started a capital raising process at the beginning of the year to secure a total investment capacity of €3 billion. In April, IDIA Capital Investissement alongside three other private equity firms of Crédit Agricole took a €15 million stake in the company.

With IDIA also participating in the latest capital increase, Maud Minoustchin, the firm’s portfolio director of energy transition, said it has “demonstrated its confidence in the deployment strategy” implemented by Amarenco. She added that the arrival of Tikehau Capital as a shareholder “marks a decisive turning point” in Amarenco’s development.

Read Next

February 19, 2021
Financing platform Mosaic has joined forces with US residential solar installer Freedom Forever.
February 4, 2021
A round-up of the latest news from the US solar market, as Shoals Technologies’ upsized IPO raises north of US$2 billion and Sunnova claims an industry first financing offer.
February 3, 2021
European PV asset holders should ensure they have the right skills and knowledge to successfully operate in the continent’s power purchase agreement (PPA) market, according to panellists speaking today at the Solar Finance and Investment Europe conference.
January 28, 2021
Eden Renewables secures US$165 million to finance a 450MWp solar project in India.
January 15, 2021
A round-up of the latest news from the US solar market, including financing for Invenergy's 1,310MW project and CIT leads the financing for a 130MW Strata Solar portfolio.
January 12, 2021
Corporate investment in solar projects reached US$10 billion in the second half of last year, recovering from economic shock induced by COVID-19, new research by Mercom has revealed.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021