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Thursday, February 22, 2024

HSF guides Amarenco´s €300m capital increase

A cross-border Herbert Smith Freehills team has advised Amarenco, a Franco-Irish company specialising in photovoltaic energy, on a new round of capital raising for an amount of €300 million

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Thanks to this third round of capital raising, Amarenco takes another important step towards achieving its objectives; In particular, in terms of ecosystem regeneration, by initiating, for example, the first micro-forest and soil regeneration projects (to produce regenerative energy) in 2023, or by successfully implementing energy storage systems such as the flagship 100 megawatt-hour “Claudia”, lithium-ion battery storage project with a capacity of 105 MW / 98 MWh, located in Gironde, France.

This new round allows Arjun Infrastructure Partners to acquire a minority stake in Amarenco. Arjun Infrastructure joins alongside a pool of investors from the Crédit Agricole Group (IDIA Capital Investissement, Sofilaro, Grand Sud Ouest Capital and Nord Midi-Pyrénées Développement) and Tikehau Capital, an alternative asset management group, which has made a significant contribution to Amarenco’s growth since 2020.

This latest round is also in line with Amarenco’s development strategy over the coming months/years which aims to convert its multi-GW projects into assets across all of its geographies over the next 3 years, continue to expand across all of its 3 strategic pillars, i.e. solar, energy storage and agripv infrastructures, with a particular focus on corporate offtakers by supporting them in achieving their net carbon ambitions and long-term power price hedging strategies across all their geographies sites.

Herbert Smith Freehills advised Amarenco with a Paris team composed of partner Edouard Thomas, of counsel Cyril Boulignat, Ronan Pflieger and Thomas Aulibé, associates, on Corporate aspects, partner Régis Oréal, Soraya Salem, Jessy Laberty and Pauline Verrier, associates, on Financing aspects, partner Bruno Knadjian, Sylvain Piémont, associate, on Tax matters, partner Sophie Brézin, of counsel Elisabeth Debrégeas, on Labour Law aspects, partner Sergio Sorinas, Khushbu Kumar, associate, on Antitrust aspects, and partner Mathias Dantin, Adil Kourtih and Anna Zoumenou, associates, on Projects aspects.

The Madrid, Dubai and London offices were also involved in this transaction.

HSF Madrid advised with a team made up of partner and head of Finance Armando García-Mendoza, associate Carmen Hermosín and junior associates Cristina Díez de Rivera and Ricardo Echevarría.

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