Renewables business with global headquarters in Cork announces €150m new capital increase

Renewables business with global headquarters in Cork announces €150m new capital increase

L-R: Alain Desvigne (CEO Group), John Mullins (Chairman), Olivier Carré (CEO France) and Nick Howard (CIO Group).

Amarenco, the renewable energy firm that was co-founded by Port of Cork chair John Mullins, has today announced the closing of a €150 million new capital increase.

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, which has its global headquarters in Cork, started a capital raising process at the beginning of the year to secure a total investment capacity of €3 billion to fund Amarenco’s growth in Europe, Asia Pacific and the Middle East markets.

In April, it was announced that IDIA Capital Investissement and three private equity groups that are part of the Credit Agricole group, had taken a €15m stake in the solar company.

Commenting on today's announcement Amarenco’s co-founders Olivier Carré, Nick Howard, John Mullins and Alain Desvigne said:

"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."

Pierre Abadie and Mathieu Badjeck, co-managers of the Energy transition fund of Tikehau Capital said:

"We are thrilled to invest in Amarenco and thus partner with the shareholder members and management in the deployment of an ambitious development plan. 

"Thanks to its know-how and its global presence, Amarenco is in a unique position to benefit from the growth trend acceleration in solar power production which is key to accompanying the energy transition globally."

Maud Minoustchin, Portfolio Director Energy Transition at IDIA Capital Investissement said the arrival of Tikehau Capital as a shareholder "marks a decisive turning point in the company's development". 

"By reinvesting six months after becoming a shareholder, IDIA CI has demonstrated its confidence in the deployment strategy implemented by Amarenco's managers and teams. 

"In addition, this new transaction is an opportunity for the company to perpetuate the issue of Responsible Convertible Bonds indexed on the achievement of environmental and societal KPIs, a new quasi-equity instrument structured by IDIA CI", she continued.

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