French renewables company Voltalia has successfully raised €490 million (US$516 million) through a capital increase that will help build its new production capacity by 2027.
The capital increase results in the issuance of 35,765,712 new shares, and will provide the company additional finance to reach its target of 5GW of capacity in operation or under construction by 2027, for which it considers a total investment between €2.5-3 billion.
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For this reason, the company will allocate €450 million of the funds raised to build its new production capacity by 2027.
The balance of the funds raised will be used to finance Voltalia’s growth in services to reach 8GW of operations and maintenance (O&M) power plants on behalf of third parties, as well as possible targeted acquisitions in Africa, Latin America or Europe to strengthen the company’s presence in newer markets.
The capital increase comes months after the company announced it expects to reach its 2.6GW target of renewables in operation or under construction in 2022, a year ahead of schedule.
“Faced with the challenges of climate emergency and energy independence which have become crucial in the context of an unprecedented energy crisis in Europe in particular, Voltalia’s teams are responding by providing concrete and realistic solutions to build a more sustainable world,” said Sébastien Clerc, CEO of Voltalia.
Voltalia managed to secure several solar PV power purchase agreements in the past months, most notably with automaker Renault in France for 350MW and mining company Rio Tinto in South Africa.