Copenhagen, 7 October 2024 — AIP Management (“AIP”), a leader in energy transition investments, is pleased to announce it has made an offer to acquire a significant minority stake in VALOREM, one of France’s largest independent power producers (“IPPs”). This acquisition is part of a broader capital raise to finance VALOREM’s future growth and underscores AIP’s confidence in the company’s market position and strategic direction, as the company’s co-founders will retain their significant shareholding.
Founded in 1994, VALOREM is recognised as a pioneer in renewable energy development with a remarkable 30-year track record. Today, VALOREM is one of the largest French IPPs, with a fully vertically integrated business model supported by three main service companies that cover development, construction, and operation and maintenance.
VALOREM has developed 1.7 GW of renewable assets and has retained a portfolio of 0.8 GW of operational assets, under construction, or ready-to-build with a visible pipeline of around 6.6GW to be developed over the coming years.
AIP has been actively investing in energy transition assets since 2012 and the decision to invest in VALOREM aligns with AIP’s strategy of capitalising on robust market fundamentals and supporting companies that are well-positioned with a strong track-record of creating a solid foundation for future growth in renewable energy.
AIP, and its co-investors IDIA, Crédit Agricole Investors and Bpifrance (France Investissement Energie Environnement 2) will acquire a c.33% shareholding in VALOREM, with further capital commitments to finance the company’s pipeline of projects to materialise in the coming years.
“We have been searching for the right platform investment for some time, and VALOREM stood out with its strong foundation, proven track record, and comprehensive capabilities in renewable energy. Their solid portfolio of operating and development assets offers both growth potential and stability. We are excited to partner with VALOREM and support their ambitious expansion plans.”, says Kasper Hansen, CEO of AIP.
“We are delighted that AIP will join us as a strategic partner. Their extensive expertise in renewable energy and their strong reputation for being a reliable and supportive partner make them an ideal fit for VALOREM. As a company with strong ESG values, the selection of new partners must be consistent with our vision for the green energy development. This new chapter will enable VALOREM to pursue its development ambitions. We look forward to leveraging AIP’s knowledge and experience in the European renewables market as we continue to develop our projects and drive the energy transition forward.”, say Jean-Yves Grandidier, Co-founder and CEO of VALOREM and Pierre Girard, Chairman of the Supervisory Board.
AIP’s deep expertise in structuring complex investments, financial capabilities, and extensive industry knowledge enables it to support VALOREM in its ambitious growth journey. The partnership will leverage AIP’s experience in managing energy transition assets alongside VALOREM’s proven capabilities in project development, construction, and operation.
The completion of the transaction is subject to the legal requirement to inform and consult the company’s employee representative bodies as well as to obtain customary regulatory approvals. It is expected to close in Q1 2025.