Technique Solaire secures EUR 25m, eyes 1-GW solar portfolio by 2024

Technique Solaire Group today said it has secured EUR 25 million (USD 29.3m) from existing shareholders Bpifrance and the Credit Agricole Group, as the company targets reaching 1 GWp of operational solar capacity by the end of 2024.

The investment from investment bank Bpifrance, through its fund FIEE, and Credit Agricole de la Touraine et du Poitou, came after in May the company obtained EUR 111 million in senior debt for the refinancing and financing of its photovoltaic (PV) projects in France. The company's founders and its employees will keep a big majority stake in Technique Solaire.

Announcing its goal for 2024, Technique Solaire said it currently has 170 MWp of solar in operation and under construction, including 141 MWp in France and 29 MWp in India.

In addition, the company plans to operate 18 MW of biogas capacity by the end of 2024 through its unit Technique Biogaz. The subsidiary currently operates the Celles-sur-Belle methanisation unit, which was switched on in September 2019 and has a capacity of almost 1 MW.

The company plans to achieve its targets mainly through organic growth, but will also acquire projects in development or in operation in France and abroad. To fund its projects, Technique Solaire will need to secure EUR 830 million in funding of various kinds.

(EUR 1.0 = USD 1.171)

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