Amarenco Secures Capital Increase and Accelerates its Path to Financial Independence
Amarenco, a European independent power producer (IPP) specialising in solar energy and storage, announces that the company finalised a capital increase in December 2025 with one of its key shareholders, Arjun Infrastructure Partners, through the subscription of a tranche of preferred equity of €130 million.
The transaction is structured in two stages, with a second tranche planned for 2026 with the support of BNP Paribas, bringing Amarenco closer to its tipping point toward financial autonomy.
A clear path to financial independence
The transaction will enable the company to achieve its main objective within 24 months: structural financial autonomy. This milestone corresponds to a model in which operating cash flow covers all of the group’s fixed, operating, and financial expenses. It is based on exceeding the threshold of 1 TWh of annual production, backed by more than 1 GW of installed capacity, marking the completion of the transformation towards a full-fledged IPP model that generates recurring EBITDA from electricity production and asset turnover.
This momentum is part of a controlled growth trajectory targeting 3 GW of installed capacity by 2030. Amarenco also plans to accelerate the deployment of flexibility solutions by systematically integrating storage across all its European geographies (Ireland, Austria, Spain, Portugal and France) in order to optimize the value of its assets and strengthen the resilience of local electricity grids.
A strengthened balance sheet in a rapidly consolidating market
In a rapidly evolving energy landscape, Amarenco is strengthening its balance sheet and reinforcing its strategic capacity to seize opportunities in a consolidating market.
“The paradigm shift currently reshaping the energy industry will inevitably accelerate consolidation across the sector. By strengthening our balance sheet, we are moving from a purely organic growth strategy to an active consolidation capability. Amarenco is therefore well positioned to seize strategic acquisition and merger opportunities to strengthen its market positions and move further along the electron value chain.” Alain Desvigne, President of Amarenco
Proven industrial execution
With more than 600 GWh of energy delivered in 2025, Amarenco confirms its industrial capabilities and strong execution capacity at the European level, built on two strategic areas of expertise: solar photovoltaic power and energy storage solutions.
This capability is further strengthened by its storage assets (94 MW / 188 MWh – 2h), which contribute to grid balancing while generating revenues from energy trading.
This ramp-up is supported by a strengthened industrial structure and strategic partnerships covering the entire value chain: financing, farm-down transactions, EPC contracts, and offtake agreements. This approach enables Amarenco to optimize capital rotation, secure long-term revenues, and deploy its model at the European scale.
“This capital increase is part of a clear trajectory: strengthening our model as a fully integrated independent power producer. It reinforces our ability to generate recurring cash flows from energy production and provides the means to accelerate the deployment of our photovoltaic and storage projects across Europe. The renewed confidence of Arjun Infrastructure Partners validates the strength of our strategy and our disciplined execution.” Frédéric Maenhaut, CEO, Amarenco
The renewed confidence of Arjun Infrastructure Partners in the Amarenco team—following its initial investment in 2022—confirms its conviction in the strength, maturity and profitability of the Group’s development plan.
“We have worked closely with Amarenco to successfully transform the company into an integrated independent power producer and to build a high-quality renewable energy platform focused on its strategic markets, supported by an active asset rotation strategy. Through this investment, we reaffirm our commitment to supporting the Group in its growth trajectory, driven by its strong execution capabilities and a clear strategic vision.” Romain Py, Partner, Arjun Infrastructure Partners
Beyond its economic fundamentals, Amarenco continues to deploy a responsible approach that integrates soil regeneration and strong local engagement, embedding its development within a sustainable, long-term dynamic.
