Paris, June 6th, 2017 – EREN Renewable Energy announced today that its second capital increase of nearly 100M€ has closed with the consortium of investors led by Bpifrance that first invested in the company in 2015.
Founded in 2012 by Pâris Mouratoglou and David Corchia, and based in Paris, EREN Renewable Energy (“EREN RE”) has a renowned expertise and unique know-how in the renewable energy sector. Along with local and exclusive partners, the company positions itself in emerging markets characterized by increasing energy demand, high growth potential, and high-quality wind or solar resource.
In October 2015, EREN RE opened its capital to Bpifrance, Next World, Tikehau Capital and FFP to support its development ambitions in the renewable energy sector. This second tranche of nearly 100M€ marks an important milestone for the successful implementation of EREN RE’s ambitious growth strategy.
Over the past 18 months, EREN RE has notably commissioned over 80 MW of wind projects in Greece as well as 72 MWp of solar photovoltaic (PV) projects in India and 10MWp in Uganda. Simultaneously, the company successfully launched the construction of 53 MW of additional wind assets in Greece as well as PV projects in Brazil (25 MWp) and Burkina Faso (15 MWp), and its Hercules 100MW Project in Argentina has been selected as part of the Renovar program and signed PPA in January 2017.
Pâris Mouratoglou, Chairman of EREN RE, said: “This successful and early second fundraising is crucial to accelerate EREN RE’s long-term growth in the renewable energy sector and demonstrates two key features of EREN RE’s development over the past few months: our business model is right and our team is great! The continuous support and trust of the investors who decided to join us 18 months ago make us even more ambitious.”
David Corchia, CEO of EREN RE, added: “Within 5 years only, we have developed close to 650MW that are already either in operations or under construction. More than 1,500MW of projects are in the pipeline. Our geographical footprint is even more remarkable: together with our partners, we are now deployed on the 5 continents and actively developing renewable energy projects in more than 30 countries.”
José Gonzalo, Executive Director at Bpifrance, Mid & Large Cap congratulated the closing of this operation and stated: “Our presence on the Board of Directors and as a shareholder since October 2015 reinforced our firm conviction that the management team's current and future involvement is the first guarantee of the success of the Company's development. Over the last 18 months, EREN RE’s teams have demonstrated their ability to secure projects, complete their development and construction as well as operate them in the best possible conditions. Through our new commitment alongside Tikehau, FFP, Next World, we have the ambition to continue our support of a French renewable energy leader with a geographically diversified portfolio, enabling the group to accelerate the financing of its projects and seize opportunities for organic or external growth that create value in its various markets”
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