Six months after opening its capital to IDIA Capital Investissement, Amarenco Group, a major global solar power producer, announces today the closing of a €150m new capital increase.
Tikehau Capital, the alternative asset management and investment group, contributed significantly to this capital increase, becoming a key shareholder of Amarenco Group.
Amarenco started a capital raising process at the beginning of the year to secure a total investment capacity of €3billion to fund Amarenco’s growth in Europe, Asia Pacific and the Middle East markets whilst maintaining Amarenco as an independent, founder-led company.
This new capital commitment for Amarenco combines a share capital increase and an equity line totaling €150 million. The capital raise was subscribed to by the co-founders themselves, by IDIA Capital Investissement and by Tikehau Capital through its Energy transition fund.
Amarenco is well-placed and funded to convert its significant current pipeline and M&A deal flow into value-generating assets from its global headquarters in Cork, Ireland, and its operational hubs in Lagrave (France), Porto (Portugal), Vienna (Austria), Muscat (Oman), Singapore, Taipei (Taiwan), Bangkok (Thailand), Hanoi (Vietnam), and Tokyo (Japan).
While Amarenco expects to have more than 1GW of projects under construction during 2021 as a result of its M&A activity in Iberia and Asia-Pacific and the maturity of its development pipeline in Oman, Amarenco intends to accelerate its growth strategy taking a uniquely flexible approach to partnering with local and regional developers, asset owners and IPPs in order to differentiate itself in its chosen markets.
“This new capital commitment will contribute to AMARENCO’s ambitions to have more than 1GW of projects under construction in the coming months and 3GW by 2023 in Europe, APAC and Middle East. We have no doubt that the entrepreneurial spirit of Tikehau Capital and its international network will contribute to the achievement of our goals. We are happy to welcome Pierre Devillard and Pierre Abadie from the private equity team of Tikehau Capital to our board”, declared Amarenco’s co-founders Olivier Carré, Nick Howard, John Mullins and Alain Desvigne.