Tikehau leads €150m investment in Amarenco

Katharine Hidalgo
11 November 2020

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Tikehau Capital has led a тЌ150m capital increase in renewable energy group Amarenco.

The firm invested through its Energy Transition fund, while the co-founders Olivier Carre, Nick Howard, John Mullins and Alain Desvigne also participated, as did PE firm Idia Capital Investissement. Tikehau's T2 Energy Transition Fund raised €500m as of December 2019.

The investment consists of a share capital increase and an equity line.

Pierre Devillard and Pierre Abadie from the private equity team of Tikehau will join the company's board.

Previous funding
The company started a capital raising process at the beginning of 2020 to secure a total investment of €3bn to fund its growth in Europe, Asia-Pacific and the Middle East markets, while maintaining Amarenco as an independent, founder-led company.

Idia Capital invested €15m in April 2020. Three other private equity companies of the Crédit Agricole group (Sofilaro Gestion, Grand Sud-Ouest Capital and Nord-Midi Pyrénées Développement) also participated.

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

Company
Headquartered in Cork, Amarenco has operations in France, Portugal, Austria, Oman, Singapore, Taiwan, Thailand, Vietnam and Japan. The company focuses on generating solar power and has built up a pipeline of projects under development. Founded in 2013, it employs more than 130 people.

People
Amarenco Group – Alain Desvigne (CEO).

Advisers
Equity – 8 Advisory (corporate finance); Gide Loyrette Nouel (legal); Paul Hastings (legal); A&L Goodbody (legal); DNV GL (commercial due diligence); Sirsa (environmental due diligence).
Company – Atfis (corporate finance); Herbert Smith Freehills (legal); Holmes O'Malley Sexton (legal); KPMG Avocats (tax, financial due diligence); CJA (tax, financial due diligence); KPMG (tax, financial due diligence).