Arjun adds further clean energy assets to portfolio with stake in Amarenco Group
Arjun Infrastructure is delighted to announce its latest investment in France, following transactions made in other European countries including Spain, Denmark, Republic of Ireland and Italy.
This investment adds further renewables capacity to Arjun's existing green energy investments. In addition to 400MW of operating solar capacity, Arjun's investment in Amarenco will help realise a future pipeline of over 400MW of new solar developments.
European asset manager Arjun Infrastructure (Arjun) has today announced that it has invested over €300m in Amarenco Group (Amarenco), the European solar IPP, taking a c. 30% stake.
This is Amarenco’s third Capital raising round since the merger of Amarenco – the Irish financier and developer of renewable energy infrastructure assets and Groupe Carré, the French engineering and project management company. Amarenco is a well-established platform over with over 400MW of operating assets and a leadership position in rooftop and agriPV solar. The company is also fully integrated across the value chain (development, construction, operation and asset management) and has a proven track record in delivering solar projects over the last 15 years.
Since the 2018 merger, Amarenco Group has demonstrated growth year-on-year and with this latest capital raising will look to achieve a series of objectives, including for example, its first micro-forest and soil regeneration project later this year.
Romain Py, a Partner at Arjun Infrastructure, said: “We are delighted to partner with Amarenco founders and Tikehau Capital to support the company’s growth ambitions. This is a well-established platform with an experienced management team and a robust pipeline across geographies. It has also demonstrated its ESG leadership by pioneering the ECHO program to regenerate eco-systems and issuing sustainable convertible bonds and has a clear and well-articulated ESG vision going forward, which is fully aligned with our ambitions. Our investors and wider business are very excited to team up with this high-quality team and scalable development platform to accelerate its development across Europe.”
According to data from the International Energy Agency, Solar PV generation increased by a record 179 TWh (up 22%) in 2021 to exceed 1 000 TWh. Solar PV is becoming the lowest-cost option for new electricity generation in most of the world, which is expected to propel investment in the coming years. The RepowerEU plan is further supporting the rollout of solar PC with shortened permit delivery periods and increased government targets, notably the aim to double solar PV capacity by 2025 and install 600GW by 2030.