24th November 2017: Amarenco, the Irish investor and asset manager of renewable energy, has been awarded the Best Irish Company in France 2017 at a Gala event in Paris last night. This award is awarded by the France Ireland Chamber of Commerce and Network Irlande to the company that is making the most significant contribution in trade and business between Ireland and France in 2017. Amarenco and its partners have been responsible for €300m of investment in France in the last three years and company has now grown to 40 employees in Gaillac, France.
In October last, the company announced the merger of its French operation with Groupe Carré, one of the leading photovoltaic project developers in France, to create Amarenco France. Amarenco’s main investment partner in France is Infracapital, an affiliate fund of M&G Investments in London. Amarenco has also been successfully developing renewable assets with TOTAL in the last year and is confident in ramping up investment in France from 2018 onwards. Amarenco also completed an investment in the energy crowdfunding group LUMO in 2016 with the intention of supporting community crowdfunding in its projects in France.
The company plans to significantly increase asset investment to over €500m in France and the French Territorial Islands.
Amarenco is ready to invest a further €100m in Ireland in solar PV over the next twelve months subject to Irish Government support of Solar PV as part of the renewable mix. This investment will mitigate the quantum of EU fines that are now inevitable from 2020 onwards.
John Mullins, CEO of Amarenco said: “Amarenco is delighted to be awarded the Best Irish Company in France. It is a great honour for a young company, for the whole team and for our partners across France, UK and Ireland. We look forward to building our relationships in France through Amarenco France.
Amarenco is ready to support the Irish Government in meeting its 2020 targets. We have shovel ready projects and we have the funds to invest in Ireland and create jobs, rates and tax receipts. These assets will also reduce the cost to the taxpayer of inevitable fines in 2020 as a result of not meeting BINDING EU Renewable Targets”
Amarenco currently employs 50 people across offices in Cork, Dublin, Gaillac, Nice, Toulouse, Bordeaux and London.
Created over 20 years ago, the Ireland France Business Awards are the flagship event of the French- Irish business community held alternately in Dublin and Paris each year.
Issued by Heneghan PR on behalf of Amarenco
Nigel Heneghan – (086) 258 7206