Infracapital agrees the sale of French solar PV platform, Infram, to Amarenco
Infracapital, the infrastructure equity investment arm of M&G Plc, has agreed the sale of its 90% stake in Infram, an owner of ground- and roof-mounted PV solar panels, to independent power producer, Amarenco.
Infracapital and Amarenco first agreed on a joint venture in January 2017, with one operational project (19MW) and two seed projects (25MW combined) in late stages of construction. Infram focuses on building roof-mounted PV solar panels placed on top of newly-built barns and greenhouses to be used by local French farmers. Under Infracapital’s majority ownership, Infram has achieved a number of milestones:
- Constructed a stable yielding portfolio of 220 sites with a capacity of over 125MW from initial operational portfolio of 19MW
- Implemented an effective governance structure to manage and grow the business, developing a predominantly local supply chain to reduce carbon footprint and supply miles
- Secured long-term financing at attractive terms to support long-term sustainable growth of the business
- Managed and grew a strong development pipeline of assets which currently stands at c.50.4MW
- Produced 131.5GWh of clean energy over 2021, powering one million French households for over 131 hours and avoiding 6,328 tons of CO2 emissions
Infracapital invested in Infram through Infracapital Greenfield Partners I (IGP I). The strategy of IGP I is to build, deliver and operate essential greenfield infrastructure to meet the changing needs of society and support long-term economic growth across Europe.
Michele Armanini, Greenfield Managing Director at Infracapital said: “We’re extremely pleased to have been a part of Infram’s significant growth into a fully-operational, thriving business. Infram has an important role to play in providing affordable and clean renewable energy to address growing energy demands and reduce CO2 emissions. We look forward to seeing the business’s continued success and further expansion under Amarenco and Infram’s management team over the coming years.”
John Mullins, Executive Chairman at Amarenco, said: “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. We look forward to executing the remaining development pipeline in France and contribute to the decarbonisation and security of the French Electricity market.”
Media enquiries
For further information, please contact:
Stephanie Mackrell
Infracapital@tulchangroup.com
+44 7342 882 262
About Infracapital
Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 60 companies around Europe and has raised and managed over €7.8 billion of client capital across six funds.
Infracapital is part of M&G Plc, an international savings and investments business, managing money for around 5 million retail customers and more than 800 institutional clients in 28 markets. Total assets under management are £348.9 billion (as at 30 June 2022).
About Amarenco
With its extensive expertise, Amarenco is a leading Power producer in the solar energy sector and a leader of the transformation of our development model in our market. Amarenco operates in more than 14 countries around the world and is the largest agriphotovoltaic actor in Europe. More than an energy producer, we want to be an active catalyst in the transformation of our economy and make the words sustainability and profitability genuinely compatible. Amarenco is therefore one of the first companies to pledge to allocate a share of its fund for the regeneration of the local ecosystems through its ESG program ECHO. At Amarenco, we have a wide range of infrastructures offering a competitive edge to our customers and partners through the integration of low-carbon solar electricity production that is local, economical and can be a source of income.