5th October 2017: Amarenco Solar, the Irish investor and asset manager of renewable energy, has announced the merger of its French operation with Groupe Carré, one of the leading photovoltaic project developers in France, to create Amarenco France. The company instantly becomes one of the main developers and producers of renewable energy in France. The merged entity has a combined 120 MWp of operating and in-construction solar projects and a further 200MWp of developments in France. The transaction further confirms Amarenco as one of the largest Irish investors in France.
This merger is in line with the strategic objectives of both companies, which aim to rapidly strengthen their position in the French renewable energy market. Amarenco France will benefit from the perfect synergy of experience and skills to become one of the leading vertically integrated producers of renewable energy active in the French market. The company employs 35 people and Amarenco expects its consolidated turnover to rise to over €25m in 2018.
Amarenco Solar has been active in France since 2014, where it has co-invested with partners more than €300 million. In 2016, the two companies began a strategic collaboration, where Amarenco accessed the leading-edge expertise of Groupe Carré for the maintenance of large and medium-sized projects.
Groupe Carré, founded in 2008 by Olivier Carré, has in excess of 100MWp of solar projects installed. In addition to large photovoltaic systems, particularly on roof-tops of factories and shopping centers, the company has also built numerous car ports, photovoltaic greenhouses, agricultural barns and ground-solar power plants.
The combined services and expertise of Amarenco Solar and Groupe Carré complement each other perfectly. While Amarenco has considerable experience in investment and renewable asset management, Groupe Carré has the necessary expertise to develop, build and operate renewable energy facilities. By combining their strength, they aim to quickly propel Amarenco France high in the ranking of independent energy producers of reference in Europe.
“This merger is a natural step following the great success of our initial collaboration last year. It became very clear that we were working very well together and were mutually contributing to our success in the market. A merger is clearly the sensible outcome and we now look forward to maximising the combined strengths of both companies,” said John Mullins, CEO, Amarenco Solar. “Amarenco France will be involved in a greater number of solar projects across the French renewable energy market.”
In Ireland Amarenco Solar now has 50MWp with full planning approval in Munster, equating to a total potential investment of over €60 million based on the permissions granted. The company is ready to proceed with its partner to invest in these facilities.
“We have the funds and are ready to invest, but our plans are on hold until the Government clarifies its view on solar energy,” said John Mullins.
Issued on behalf of Amarenco Solar by Heneghan PR