Franco-Irish solar firm Amarenco secures EUR-300m investment

Independent solar energy producer Amarenco has secured a EUR-300-million (USD 323m) investment from European asset manager Arjun Infrastructure Partners, which is taking a stake of about 30% in the Franco-Irish business, the companies announced recently.

Amarenco, which has 400 MW of installed solar capacity and experience in agrivoltaic and rooftop installations, said the capital raise will support its growth as a solar-focused independent power producer (IPP) and energy storage player. The funding will allow it to initiate its first micro-forest and soil regeneration project this year and implement its 105-MW/98-MWh Claudia lithium-ion battery storage project in Gironde, France.

Arjun said separately that its investment will help Amarenco realise a pipeline of more than 400 MW of additional solar developments.

This is the third capital raising for Amarenco since the 2018 merger of Irish financier and renewables developer Amarenco and French engineering and project management firm Groupe Carre.

Together with a pool of investors from the Credit Agricole Group, Arjun joins alternative asset management group Tikehau Capital in backing the Franco-Irish outfit.

Separately on Friday, Polish company Hynfra said it has inked a framework cooperation agreement with Amarenco MENA for joint projects to produce green hydrogen and derivatives such as ammonia in the Middle East and North Africa region.

(EUR 1 = USD 1.078)

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