Paris — EREN Renewable Energy announces a fundraising round of nearly 200 M€ from a diversified consortium of investors, to support its growth ambitions in the renewable energy sector EREN Renewable Energy (« EREN RE »), an EREN Groupe company, completed a capital increase of nearly 100 M€ with participation of Bpifrance, Next World, Salvepar (Tikehau group) and FFP, marking the first tranche of a fundraising totaling nearly 200 M€.
EREN RE will be able to call upon the second tranche, for equivalent amounts from the same partners, between 2016 and 2017.
Founded in 2012 by Pâris Mouratoglou and David Corchia, and based in Paris, EREN RE holds a renowned expertise and unique know-how in the sector of renewable energy. Along with local and exclusive partners, the company positions itself in emerging markets with strong potential, in geographical zones presenting significant wind and solar resources and facing growing energy needs.
Within less than three years, EREN RE has accumulated a diversified and solid asset base (wind, solar and hydro) totaling 240 MW of net capacity in operation or under construction, in France, Italy, Greece, Israel and India. Furthermore, EREN RE develops numerous projects in Asia, Africa and Latin America, targeting a net installed capacity of over 2 GW by 2020.
This first external fundraising round with leading investors is meant to allow EREN RE to fund its projects under development, and more particularly to accelerate the expansion of its international asset base. This investment will facilitate the emergence of a new independent French leader in the global renewable energy sector, while sustaining the company’s entrepreneurial spirit and agility, with EREN RE’s founders retaining control following the transaction.
Pâris Mouratoglou, Chairman of EREN RE said: «When we created EREN three years ago, we aimed to launch the first group, with a global footprint, dedicated to natural resource efficiency. By partnering today with such a high-quality financial consortium, we are considerably strengthening the development capacity for our renewable energy activities, while maintaining the flexibility and agility which are the core strength of our model”.