Amarenco, an independent power producer, secured €300 million (~$321 million) in funding. The funding round was led by Arjun Infrastructure Partners, a European asset manager, and the deal includes an option to acquire a minority stake in Amarenco as part of the deal. The round also saw participation from Crédit Agricole Group and Tikehau Capital.
The new funding round will enable Amarenco to pursue its ambitious development goals over the coming years, including converting its multi-GW project pipeline into assets across all of its geographies, continuing to expand across its three strategic pillars: solar, energy storage, and agripv infrastructures and focusing on corporate off-takers by supporting them in achieving their net carbon ambitions and long-term power price hedging strategies across their sites and geographies.
As part of the fundraising, Julian Skinner and Romain Py from Arjun Infrastructure joined Amarenco’s board of directors, including Mathieu Badjeck and Pierrre Abadie, co-heads of Tikehau Capital’s Private Equity Energy Transition practice. Tikehau Capital is an alternative asset management group that has been a significant contributor to Amarenco’s growth since 2020.
Recently, Palmetto, a provider of residential solar solutions, raised $150 million in funding from TPG Rise Climate, an investing arm of TPG Rise, a private equity firm. Palmetto manages the entire home solar process with a fully functional operating platform that includes sales, design, engineering, permitting, and fulfillment.
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, total corporate funding worldwide in the solar sector, including venture capital and private equity (VC), debt financing, and public market financing, came to $24.1 billion in 2022, a decline of 13% compared to the $27.8 billion raised in 2021.