Amarenco closes a €158m financing programme for its solar portfolio

Renewable energy provider Amarenco has completed a €158 million financing programme.

The company said on Tuesday it had closed the final tranche of €123 million in long-term facilities for its solar asset portfolio.

The close was completed via Infram Energy, an investment platform established by Amarenco and Infracapital in 2017.

The long-term financing facilities were arranged jointly by Landesbank Saar and Auxfip with BPIFrance Financement participating as co-lender.

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The facilities provide Infram Energy with long term finance for its 70MW operating asset portfolio comprising a mix of ground mounted, agricultural barns and greenhouses solar assets in France.

"This is a significant strategic financing transaction for Infram Energy, streamlining the financing process of its business, reducing its cost of capital and providing a low-cost, flexible source of finance for its development and construction asset pipeline," said Nick Howard, chief finance officer at Amarenco.

“Infram can now focus on accelerating its growth and continuing its success story as one of France’s leading solar photovoltaics players,” he added.

Earlier this year, Amarenco closed a €35 million revolving construction finance facility with Landesbank Saar for Infram’s solar asset pipeline in France.

As of now, the facility is fully drawn and Amarenco said the first roll-out to refinance the first batch of projects with long-term finance is expected to occur in the coming weeks.