Amarenco buys 10pc stake in energy firm
Irish renewable energy firm Amarenco has acquired a stake in a French crowd-funding firm as it continues to roll out solar farms in France.
Amarenco chief executive John Mullins, a former boss of Bord Gáis, told the Irish Independent the firm has taken less than a 10pc stake in Lumo, which is based in La Rochelle.
Lumo specifically enables people to invest in renewable energy projects.
Taking the stake in Lumo ensures that Amarenco continues to be able to tap into the French company's fundraising activity, said Mr Mullins.
"We'll get looked on more favourably by the French authorities," he said. Community or crowd-funded projects in France result in a slight uplift in the tariff paid to energy operators.
He said Amarenco is also in the process of buying a Toulouse-based firm that has already helped it roll out solar farms in France. That deal is likely to be concluded towards the end of this month.
Amarenco already has eight solar sites and has another seven currently in various stages of active development. That will bring the total number of solar farms to about 15 separate sites later this year, producing a total of 125 megawatts of power.
Amarenco already has planning permission for a number of solar farms in Ireland.