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IDIA et al. invest €15m in Amarenco

Katharine Hidalgo
29 April 2020

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IDIA Capital Investissement has invested €15m for a stake in renewable energy company Amarenco.

Three other private equity companies of the Crédit Agricole group (Sofilaro Gestion, Grand Sud-Ouest Capital and Nord-Midi Pyrénées Développement) also participated.

IDIA has invested through its Crédit Agricole Transitions fund, which dedicated to energy, agriculture and agri-food transitions.

Concurrently with this transaction, Amarenco purchased Macquarie Capital's shares in their joint venture holding a portfolio of solar projects, under development in Ireland.

The fresh capital will fund international expansion and growth in Ireland and France. Amarenco will use an inorganic strategy focused on greenfield and brownfield asset aggregation, and corporate M&A activities.

This is the first institutional funding for the company. Amarenco plans to raise €50m by the end of 2020 and set up a €100m equity line to finance its external growth plan.

Company
Founded in 2013 and based in Cork, Amarenco also operates an operations headquarters in south-west France, an office in Muscat and another in Singapore. The company focuses on generating solar power and has built up a pipeline of projects under development and acquisition in excess of 2.5 GW. It employs more than 130 people.

People
Amarenco Group – Alain Desvigne (CEO).

Advisers
Equity – Eight Advisory, Lionnel Gérard, Guillaume Catoire (corporate finance); Green Cape Finance, Geoffroy de Clisson (corporate finance); Eight Advisory, Guillaume Rembry, Guillaume Exerjean (tax); Gide Loyrette Nouel, Alexis Pailleret, Chloé Bouhours, Alexandre Bochu, Pascal Suffran, Maxime Redon, Caroline Pineau, Emma George (legal); Arthur Cox, John Matson, Michael Coyle, Niamh O'Toole, Sinéad McDonagh, Lyndsey McGinn (legal).
Company – Finergreen, Théo Barallon, Matthieu Kuzdzal, Bastien Martinez (corporate finance); Herbert Smith Freehills (legal); William Fry, Stephen Keogh, Fergus Devine, Laura O'Byrne, Colme Booth, James Downey (legal); Moran Ryan, Stephen Walker (legal); KPMG, Charles Abbey, Mathieu Gipoulou, Mustapha Oussedrat, Caroline Chapuis (financial due diligence, tax); CJA, Jean Goncalves (financial due diligence, tax).