Amarenco raises €300m of capital in new round of funding

The Cork-based firm has also acquired a 90% stake in solar platform, Infram Energy

John Mullins, Executive Chairman of Amarenco, 

Cork-based energy producer, Amarenco has just completed a new round of capital raising for €300m, which will be used to fund projects to expand solar, energy storage and agripv infrastructures as well as converting its multi-GW projects into assets across all sites in the next three years.

The company has also acquired majority ownership of solar panel platform, Infram Energy for an undisclosed amount.

The agreement will see the Cork company hold a 90% stake in Infram Energy, absorbing the assets from European infrastructure investor, Infracapital.

The two companies have worked together for several years, first agreeing to a joint venture in 2017.

Founded in 2021, Infracapital operates across 15 countries and has raised over £6.8bn (€7.7bn) in capital, investing in over 60 European companies since its inception.

Amarenco Group was established in 2018 from the merger of two companies, French design and project management firm, Méthode Carré and Amarenco, founded in 2013 in Ireland by Alain Desvigne and former Bord Gáis boss, John Mullins.

“Amarenco has enjoyed an excellent partnership over six years with Infracapital and we are very pleased to complete this transaction and continue the growth of Infram Energy within Amarenco as an Independent Power Producer," said John Mullins.

Since its founding, Amarenco’s turnover has exceeded €100m through organic and inorganic development, with the company announcing last year that it would be investing the same amount into Cork over the next two years to build solar farms across the county.