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Power surge: Amarenco gets French backing

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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.

Irish Independent