Euroner (Spain) - Nov 2007

unquote
01 November 2007

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Demeter, the French buyout firm focused on renewable energy and cleantech has invested €7.5m in solar energy player Eurener. The deal was done in partnership with Spanish house Clave Mayor. Clave Mayor carried out this deal through its funds Comval Emprende and Ronda Innovación. Comval Emprende is a fund promoted by the Instituto Valenciano de Finanzas and Sepi Desarrollo Empresarial, joined by other investors and financial institutions interested in supporting early-stage ventures in Valencia. Ronda Innovación comprises financial institutions and private investors interested in highly innovative projects. Currently the firm is managing 11 funds targeting various sectors and totalling approximately €115m in assets under management. Demeter’s first investment in Spain was the acquisition of a 49% stake in Soluciones y Sistemas Solares SL alongside Sodena, the investment arm of the Government of Navarra (April 2007, page 26). Although the value of the transaction was undisclosed, it was believed to be worth around E3m. The French GPs hope to raise a new €300m fund in 2008.

Company

Alicante-based Euroner specialises in the production, sales and distribution of photovoltaic panels. Founded in 1997, the company was then geared towards the installation of thermal and photovoltaic conduits. In 2004 it began operating franchises and currently has 45 representations throughout Spain. In 2006, it began producing its own panels and it projects a production of 8 MW for 2007. Orders for 2008 reportedly stand at 18 MW. Its products include polycrystalline, monocrystalline and glass-glass photovoltaic panels, all of which are in high demand. The company’s R&D division is currently oriented towards the development of finished-autonomous lighting systems, among others. Euroner has a workforce of 150.

Sourced from: Southern Europe unquote" 70 (Jan 2008)