French renewables developer Valorem has received a firm offer to raise €200m from a consortium made up of AIP Management and IDIA.
The pair join existing investors that include GSO, IRDI and Bpifrance via its France Investissement Energie Environnement 2 fund.
As part of the transaction 3i Infrastructure will sell its stake.
During the past eight years Valorem has grown its installed capacity fivefold and has a project portfolio standing at 6.6GW.
The relationship of trust between Valorem and AIP began in 2022 with the financing of the Maatkusaari wind farm (149MW) in Finland.
AIP’s decision to invest in Valorem is in line with its strategy to “capitalise on the strong fundamentals of the market”, and to support companies that are well positioned and have a strong track record, creating a stable foundation for future growth in the renewables industry.
The company’s founders, their families and the group’s employees will continue to hold the majority of Valorem’s capital and voting rights.
This investment would allow the group to continue its commitment by remaining one of the last independent French independent power producer’s (IPPs) in the sector.
The transaction would be completed following the completion of the information and consultation procedure with Valorem’s representative bodies and the obtaining of the necessary regulatory approvals, with a conclusion expected in the first quarter of 2025.
Jean-Yves Grandidier, Chairman and Founder of Valorem, and Pierre Girard, Chairman of the Supervisory Board, are delighted with this transaction, said in a joint statement: “We are delighted that AIP is joining us as a strategic partner.
“Its extensive expertise in the field of renewable energies and its solid reputation as a reliable and supportive partner make it an ideal partner for Valorem.
“As a company with a mission, the selection of new partners must be consistent with our values and our vision of the development of green energy.
“This new chapter will enable the Group to pursue its development ambitions.
“We look forward to leveraging AIP’s knowledge and experience in the European renewable energy market to continue to develop our projects and drive the energy transition forward.”