Akuo Energy announces the refinancing of its Phoenix portfolio of 9 wind, solar and storage projects.
The fast-growing French energy company is aiming to develop over 3 GW of renewable energy capacity in the medium term.
Akuo Energy expands its renewable energy portfolio
Akuo Energy announces the refinancing of a portfolio of wind, solar and storage projects.
This transaction enables the French renewable energy player to increase its stake in the projects to 100% and reduce the cost of financing the plants.
The strategy was worked out with two partners: Renewable Infrastructure Group Ltd and the new investment fund Energy Transition Europe.
The Phoenix portfolio: 9 renewable assets in France
The refinancing concerns a multi-technology, multi-geography portfolio known as Phoenix.
It comprises five wind farms in mainland France and four solar farms in Corsica and La Réunion.
In total, these 9 renewable assets represent a storage capacity of 29 MWh.
Akuo will be responsible for the operation and maintenance of the plants, and will provide asset management services.
The move will also enable the group to generate financial resources that will be used to finance its development.
Eric Scotto, Chairman of Akuo, praised the smooth running of operations despite the COVID-19 pandemic.
He declared:
“We are delighted with this transaction, in which we achieved all our objectives in terms of conditions and flexibility, as well as the level of asset ownership, despite the uncertainties linked to Covid-19. I would like to thank everyone at Akuo involved in this complex transaction, as well as our financial partners for their support and confidence.”
3 GW of medium-term electrical capacity
Akuo’s decision, supported by numerous partners, is part of an increasingly important energy transition strategy.
Exclusively focused on renewable energy production, the company is invested in over 75 projects around the globe.
The company has wind, solar, biomass and energy storage power plants.
Currently, the Group owns 1.3 GW of renewable assets worldwide, with a further 5 GW under development or construction.
This represents an investment of over 2.6 billion euros by the end of 2020.
In the medium term, the company is aiming for a global production capacity of over 3 GW.
Environmental crowd-lending helps businesses
Akuo thus strengthens its presence in the French and global renewable energy landscape.
With over 350 employees, the company is counting on community and individual support models to continue its development.
Companies such as BPI France and La Banque Postale were also involved in the Phoenix takeover.
But to help “optimize its capital structure”, Akuo has also embarked on “environmental crowd-lending”.
Via a participatory financing platform, christened Akuo Coop, the group offers to acquire a share of its renewable energy projects, via loans.
This initiative, launched in 2017, enables private individuals to invest directly, promoting the acceptability of energy parks in the areas concerned.
A clear strategy with growing, collaborative objectives is thus taking shape at Akuo.
The French group that exports
Founded just 14 years ago, in 2007, the French energy company Akuo Energy is going from strength to strength.
Active in mainland France and the French overseas departments and territories, the company is also present in 15 countries worldwide.
To date, Akuo has a total capacity of 1.3 GW of assets in operation.
