- Marguerite has unveiled a new investment platform with target to set up over 2 GW utility scale solar in Europe
- It will target developed and in-development projects in target markets including in France, Spain, Italy, Germany, Austria and Poland
- Marguerite will invest €60 million in the new company through its latest fund called Marguerite III
European Union backed leading European infrastructure investor Marguerite will invest up to €60 million in a new investment platform that will be tasked with establishing a portfolio of over 2 GW greenfield utility scale solar PV capacity in Europe over the next 6 years.
The new unnamed platform will develop more than 2 GW of developed and in-development projects with France, Spain, Italy, Germany, Austria and Poland being among its target markets.
As per its business model, the company will prioritize in-house development or co-development with local partners and build the infrastructure before selling it to utilities or other interested investors.
Pointing at the ‘lack of focus on the initial part of the value chain’ which is project development, Marguerite Partner Guillaume Rivron believes the company will contribute to the development of this aspect with its investment in high-quality assets to generate substantial value for its investors and future clients.
Rivron explained, “The rationale behind our decision to invest in this platform was that this market benefits from high premiums for ready-to-build assets, and an agile approach is critical to respond quickly to changes in market conditions and take advantage of new opportunities as they arise.”
The new solar platform will be led by former ReneSola Europe CEO Josef Kastner and Director of France and Spain operations of ReneSola, Chloe Durieux.
It is not the maiden solar venture of Marguerite though. It is already invested in French independent power producer (IPP) for hybrid solar+storage power plants in Europe, ZE Energy.
Set up as 2020 European Fund for Energy, Climate Change and Infrastructure, the Marguerite Fund was launched in 2010 with the backing of 6 major European financial institutions namely the European Investment Bank (EIB), Caisse des Dépôts et Consignations, Cassa Depositi e Prestiti, Instituto de Crédito Oficial, Kreditanstalt für Wiederaufbau, PKO Bank Polski. It enjoys a total commitment of €710 million, according to the EIB that alone has pooled in €89.9 million.
Funding for the new solar PV platform will come from Marguerite’s latest fund, Marguerite III.
It is a good time to invest in solar in EU as demand for this clean energy technology grows with the rising power prices, climate urgency and need to reduce emissions. Forthcoming regulatory support with permitting processes being fast-tracked across the region are making its adoption easier (see European Commission Proposes Faster Permitting For Renewables).