French solar-plus-storage biz Ze Energy raises EUR-40m in B round

France’s Ze Energy, an independent power producer (IPP) specialising in solar-plus-storage projects, has raised EUR 40 million (USD 45.1m) in Series B round to boost its business and enter new markets.

Pan-European equity fund Marguerite and French regional utility Groupe Soregies made their first investments in Ze Energy, joining the firm’s initial backers Demeter, HTGF, EverWatt and Ze Way Invest, the IPP said on Thursday.

The capital injection will support Ze Energy’s growth plans for 2022, which include establishing presence in Italy and Spain and being stronger at home.

The firm will also seek to increase direct sales through corporate power purchase agreements (CPPAs) and buy new land to build its solar-plus-storage plants, it said.

At present, Ze Energy has a portfolio of over 300 MW of solar PV and over 120 MW of battery storage projects. Its target is to reach more than 800 MW of solar capacity, over 300 MW of battery power in five countries, and a turnover of around EUR 60 million by 2025, it said.

“We are thrilled by this second round of financing that will give us additional resources to speed up our development in the competitive renewable energy market in France and abroad,” said Ze Energy CEO Mathieu Lassagne. “This operation reflects the strength of our business model and of our positioning as a multi-country independent producer aiming at flexible production of solar energy marketed in a short circuit to companies and communities.”

(EUR 1.0 = USD 1.128)

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