Friday 12 July 2019

London-based bank invests €23m in French renewable energy firm

The European Bank for Reconstruction and Development (EBRD) is investing €23 million (£21m) in a French renewable energy producer.

It is buying a 2.8% stake in Voltalia in a move to help the company expand its operations to countries where EBRD invests.

The investment is part of a large capital increase to finance the firm’s investment programme for 2020/23.

Voltalia produces electricity form renewable energy sources such as solar, wind, hydro and biomass and is also involved in battery storage.

It plans to more than double its installed capacity to above 1GW by 2020 and intends to add an additional 1.6GW of renewable assets in operation or under construction by 2023.

The EBRD said: “As a shareholder, the Bank brings a wealth of experience in financing renewable energy projects and in-depth knowledge of the business environment and regulatory frameworks in the countries where it invests.”