Business Irish

Sunday 18 March 2018

Irish-headed Amarenco in the running for major French deal

Former Bord Gais boss John Mullins. Photo: Mark Condren
Former Bord Gais boss John Mullins. Photo: Mark Condren
John Mulligan

John Mulligan

Amarenco, the solar energy development firm headed by former Bord Gais boss John Mullins, has been short-listed to buy French firm Fonroche in what would be a major transformational, multi-million euro deal for the Irish company.

It's believed Amarenco is in the running against France-based Voltalia to buy the business, which owns and manages solar energy plants in France, and has a number of large projects under development.

Industry journal 'Sparkspread' revealed that both firms have been asked by Rothschild to file revised bids next month. Fonroche generated €200m in revenue last year.

It has been backed to the tune of €50m by investment firm Eurazeo, which also has investments in a range of companies, including Europcar.

Fonroche has about 150MW of solar parks under management, of which it currently owns a net 73MW of capacity.

Those parks include 126MW of operational capacity in France and 24MW in India and Puerto Rico. It has a further 43MW of projects under construction in France, 49MW in Puerto Rico and 3MW in Colombia.

Fonroche also has a 1.2GW pipeline of solar development projects around the world. The company also owns 4MW of geothermal and biogas plants under construction in France.

Mr Mullins, inset, who was uncontactable yesterday, founded Amarenco in 2013. The company already owns solar plants in France.

In May, Australian investment bank Macquarie took a 50pc stake in Amarenco in return for providing €180m in finance to develop Ireland's first solar energy farms.

Irish Independent

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