Amundi’s energy-transition arm and Swiss infrastructure asset manager Reichmuth have co-invested in a fund launched by Alantra and Solarig to invest €1.7bn in solar assets in Southern Europe.
Amundi Energy Transition and Reichmuth have together contributed €265m to N-Sun Energy, an investment vehicle expected to buy around 1.9GW of photovoltaic plants in Italy and Spain developed by renewables firm Solarig.
Solarig is expected to make available over 50 plants which will progressively reach ready-to-build status within the next 18 months and are expected to be fully operative by the end of 2025.
Alantra and Solarig said N-Sun Energy has been set up to buy the portfolio’s plants for a total value of €1.7bn, of which €700m will be equity and the remaining €1bn debt.
Matthieu Poisson, CEO of Amundi Energy Transition, said: “We are delighted to partner with Solarig, Alantra, and Reichmuth on this investment, which aligns with our current strategy of acquiring late-stage development projects and enhances our portfolio with significant diversification into solar and continues to position Amundi Energy Transition as a leading investor in renewable energy and the decarbonisation of European power grids.”
Christian Ilgner, the head of energy investments at Reichmuth, said: “Reichmuth is delighted to be part of this milestone project allowing us to grant our investors access to a geographically well-diversified portfolio in two of the best solar markets in Europe.
“With the commitment to adhere to the highest standards of sustainability across all projects, N-Sun Energy additionally offers our clients a future-oriented, impactful investment.”
Alantra Solar, a partnership between Alantra and Solarig, formed in late 2021, will be responsible for asset management services to N-Sun Energy.
Jacobo Llanza, CEO of Alantra Asset Management, said: “Renewable energy is driving strong demand from investors across the globe, who are looking for experienced partners who can guide their contribution to transforming our energy models. The partnership with an industrial partner like Solarig, backed by investors of the calibre of Reichmuth and Amundi, offers a strong response to this need. We aim to replicate this successful model in future portfolios.”
Jose Miguel Moraga, CEO of Solarig, said: “Solarig is successfully making accomplishment of its strategic plan headed to become a multinational leader in the creation of large pipelines of projects with a seized business model secured through our different business lines.”
Javier Mellado, managing partner of Alantra Solar, said: “The launch of this investment vehicle offers a strong risk-return balance for investors aiming to deploy capital in the solar energy sector, driven by the track record of the partners, the visibility and protection of the portfolio, and the operational development of the plants.”
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