Irish renewable energy firm sets sights on €200m funding and French expansion

Waiting for solar energy subsidy before developing up to 40 solar farms at home...

Donegal, jobs, Connective Energy Holdings, renewable energy, Down, Dublin,

File photo of solar panels at a solar farm | Image: Daniel Leal-Olivas / PA Wire/Press Association Images

Amarenco, the private renewable energy firm founded by former Bord Gáis chief John Mullins three years ago, is aiming to raise up to €200m in additional equity funding.

The equity, which will be structured so as not to dilute the ownership of existing backers, will be used to develop its solar facilities in France. It currently already runs eight such facilities in the country.

Speaking to the Irish Independent, Mullins said that funding will also go towardsd the purchase of wind assets he believes will come on sale in Ireland in the near future.

Amarenco has its sights set on developing as many as 40 solar farms in Ireland.

It has already purchased sites across the south of the country to do so, but will not proceed until the Government introduces a subsidy for solar energy generation. Such a subsidy is already in place for wind energy.

The funds will be raised via Sustainable Development Capital in London and the amount should be enough to finance development activity for three years.

Mullins expressed his belief that an Irish firm could emerge as one of the consolidators of the European renewable energy sector, saying:

"I think you're going to have brand new entities that are specifically renewable utilities. I wouldn't rule out a very large Irish player in the future, backed by international funds."

He also revealed a stock market flotation was unlikely.