Cork-based solar power company Amarenco has successfully closed a €150 million new capital commitment.
The capital raise was subscribed to by the co-founders themselves, IDIA Capital Investissement and by Tikehau Capital through its Energy transition fund.
Tikehau Capital, the alternative asset management and investment group, is now a key shareholder of the group.
The Cork-headquartered group 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.
The company said is now “well-placed and funded” to convert its significant current pipeline and M&A deal flow into value-generating assets from its global headquarters in Ballintemple, Cork and its operational hubs.
The group currently has operational hubs in France, Portugal, Austria, Oman, Singapore, Taiwan, Thailand, Vietnam and Japan.
In a statement, Amarenco co-founders Olivier Carré, Nick Howard, Alain Desvigne and Cork native John Mullins said the new capital commitment will contribute to the groups plans to have more than 1GW of projects under construction in the coming months.
Amarenco also plans to accelerate its growth strategy through partnerships with local and regional developers, asset owners and independent power producers in order to differentiate itself in its chosen markets.
The company said the 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.