Infracapital, the infrastructure equity investment arm of M&G Plc, has agreed the sale of its 90% stake in Infram, an owner of ground- and roof-mounted PV solar panels, to independent power producer, Amarenco.
Infracapital and Amarenco first agreed on a joint venture in January 2017, with one operational project (19MW) and two seed projects (25MW combined) in late stages of construction. Infram focuses on building roof-mounted PV solar panels placed on top of newly-built barns and greenhouses.
Under Infracapital’s majority ownership, Infram has constructed a stable yielding portfolio of 220 sites with a capacity of over 125MW from initial operational portfolio of 19MW. It has also implemented an effective governance structure to manage and grow the business and secured long-term financing at attractive terms to support long-term sustainable growth.
over 2021, infram produced 131.5GWh of clean energy, powering one million French households for over 131 hours and avoiding 6,328 tons of CO2 emissions.
Infracapital invested in Infram through Infracapital Greenfield Partners I (IGP I). The strategy of IGP I is to build, deliver and operate essential greenfield infrastructure to meet the changing needs of society and support long-term economic growth across Europe.
“We’re extremely pleased to have been a part of Infram’s significant growth into a fully-operational, thriving business,” said Greenfield managing director at Infracapital Michele Armanini.
“Infram has an important role to play in providing affordable and clean renewable energy to address growing energy demands and reduce CO2 emissions. We look forward to seeing the business’s continued success and further expansion under Amarenco and Infram’s management team over the coming years.”
Hailing the sale, Amarenco executive chairman John Mullins, said: “Amarenco has enjoyed an excellent partnership over six years with Infracapital and we are very pleased to complete this transaction and continue the growth of Infram Energy within Amarenco as an independent power producer.
“We look forward to executing the remaining development pipeline in France and contribute to the decarbonisation and security of the electricity market.”