The European Bank for Reconstruction and Development has taken a minority interest in French renewables developer Voltalia to help the company expand its operations to countries where the bank invests.
The EBRD has invested €23m in Voltalia to take a 2.8% stake, as part of a larger capital increase to finance the company’s investment programme for the period 2020-2023.
Voltalia is planning to more than double its installed capacity to over 1GW by 2020 and intends to add another 1.6GW of renewable assets in operation or under construction by 2023, the bank said.
This includes plans to invest in renewable energy projects in countries where the EBRD is active, such as Morocco, Tunisia, Egypt and Greece, it said.
“As a shareholder, the bank brings a wealth of experience in financing renewable energy projects and in-depth knowledge of the business environment and regulatory frameworks in the countries where it invests,” the bank said.