Wind farm in southern France. Author: harmishhk. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
French renewable power producer Eren Renewable Energy said on Monday it has finalised a capital hike of nearly EUR 100 million (USD 113.6m) as part of a new roughly EUR-200-million fundraising initiative.
The company, which is part of France's Eren Groupe, will use the proceeds from this round of financing to fund its projects under development and to step up the expansion of its international asset base, it said in a statement.
Eren RE has raised EUR 50 million from Bpifrance, some EUR 17.5 million from Next World, about EUR 16 million from Salvepar and EUR 14 million from FFP. The second EUR-100-million tranche could be called upon between 2016 and 2017, the firm added.
Eren RE has a total of 240 MW of wind, solar and hydroelectric assets in operation or under construction in France, Italy, Greece, Israel and India. Moreover, it is developing various projects in Asia, Africa and Latin America. The goal is to have a net installed capacity surpassing 2 GW by 2020.