CORK-based renewables business Amarenco Group has raised €15m from fund managers linked to French banking giant Credit Agricole.
The equity is the first step of a fundraising targeting €50m by the end of 2020. IDIA Capital Investissement, with three other private equity companies of the Crédit Agricole group (Sofilaro Gestion, Grand Sud-Ouest Capital and Nord-Midi Pyrénées Développement) will take a stake in Amarenco, founded by former Bórd Gais CEO John Mullins, through the deal.
Amarenco was created in 2013 by an Irish-French team targeting investment in solar-power generation.
The group plans to set up a €100m equity line to finance its external growth plan.
Concurrently with the latest equity raising, Amarenco also completed a purchase of Macquarie Capital's shares in their joint venture holding a portfolio of solar projects.