Infracapital, the infrastructure investment arm of M&G Investments, and Amarenco, an Irish renewable energy power company, have entered a joint venture agreement to launch Amarenco Infracapital Renewable Investments (“AIRI”), a platform established to invest in greenfield renewable energy generation projects and assets across the UK, Ireland and France. As part of the agreement, Infracapital has invested in an initial portfolio alongside Amarenco, consisting of three renewable solar projects in France backed by a 20-year Feed In Tariff, with a total generating capacity of 75MW.
The platform has a strong pipeline for renewable energy projects across Europe, and it is anticipated that it will invest in c.100MW of projects per annum over the coming years. AIRI has exclusivity over Amarenco’s share of early development projects in the key geographic regions of the UK, Ireland and France and will also be able to source deals from third party developers, constructors and asset owners.
Andy Matthews, Greenfield Director, Infracapital, said:
“The launch of AIRI provides us with a platform to invest in the development of a portfolio of renewable projects and assets across Europe alongside Amarenco, a leading independent renewable energy power company. We have a healthy pipeline of investment opportunities underpinned by European governments support for renewable energy projects, and see significant scope to build out the platform. This transaction is indicative of our strategy to build scalable investment platforms with experienced partners to secure exclusivity over future pipeline, as we have done on our other greenfield investments.”
John Mullins, CEO, Amarenco Solar, said:
“We are delighted to partner with Infracapital to establish a significant renewable portfolio in France, UK and Ireland. The partnership will enable Amarenco to continue to develop our assets and the significant pipeline we have in place. Furthermore, with the financial support, sector experience and credibility of Infracapital, we can now move forward and pursue significant further renewable opportunities of scale in multiple markets.”
SDCL acted as financial advisor to Amarenco.