Voltalia seeks €376m to reach 2.6GW-by-2023 goal

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Voltalia reached its 1GW renewable installation goal in 2019, one year ahead of schedule (Credit: Fotopedia)

French developer Voltalia has turned to long-standing and new backers to finance its renewable roll-out, meant to more than double within five years.

On Monday, the firm said it will seek to raise around €376 million (US$428 million) through a capital increase, open until 8 July.

The firm has already secured three-quarters of the pot – €283 million, or US$322 million-plus – from its investor and majority owner Creadev, its existing backer Proparco and the EBRD.

Should the €376 million target not be met via the capital increase, Voltalia cited “various complementary” resources it said it can tap into to fund its renewable expansion plans,

At least €300 million of the total will go towards Voltalia's goal to have 2.6GW of clean energy installed or under construction by 2023. The existing 1GW-by-2020 target was met one year ahead of schedule.

In line with the EBRD’s requirements, at least €50 million of the total will be spent in Morocco, Tunisia, Egypt, Greece and the other target markets of the development financier.

The firm may use part of the fresh funds to acquire fellow developers, with any takeovers likely to target firms in Africa, in Latin America or in Europe.

Contacted by PV Tech, Voltalia had not clarified the share solar PV will represent in the new 1.6GW by the time this article was published.

The firm – which inked in May what it billed as France’s first corporate PPA – remains active in the European state but also beyond, with projects in Albania, Egypt, Myanmar, Kenya and Brazil.

Voltalia’s financing push follows its purchase of fellow developer Martifer in 2016, as well as its move last month to enter exclusive talks to buy rooftop PV and energy efficiency specialist Helexia.

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

June 18, 2021
Spanish utility Acciona has set a price range for its planned initial public offering (IPO) of its renewables division of up to €29.76 (US$35.36), potentially valuing the business unit at as much as €9.8 billion (US$11.6 billion).
June 16, 2021
A round-up of the latest stories from the US solar market, featuring news of Sunnova’s latest securitisation, Ameresco’s installation of solar at a US Air Force Base and Extensible Energy’s latest capital investment.
June 15, 2021
The confidence of renewable energy investors and developers stands at an “all-time high”, a new report by the American Council on Renewable Energy (ACORE) claims, however investment must surge in the coming years if the US is to meet decarbonisation goals.
June 15, 2021
Everwood Capital and the Prodiel Group have combined to create DVP Solar, a joint-venture (JV) focused on developing large-scale international photovoltaic projects, with gigawatts at various stages of development.
June 14, 2021
Asia boasts a growing number of markets with solar development pipelines in excess of 1GW, a new report by Fitch has found, with the region dominating the consultancy’s project database analysis this year.
June 4, 2021
Statkraft has completed what it claims to be Albania’s first floating solar plant, energising a 500kW, first phase install at the base of a hydropower project on the country’s Banja reservoir.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021