October 7, 2024 - Communiqué de presse

The VALOREM Group, an independent renewable energy operator for 30 years, received a firm offer on October 5th 2024 to raise €200 million from a consortium comprising AIP Management and IDIA. GSO and IRDI, which already have a stake in the company, have renewed their confidence in the deal, alongside Bpifrance via its France Investissement Energie Environnement 2 fund.
3i Infrastructure would sell its stake on this occasion, 8 years after it became a shareholder in the Group. During this period, VALOREM has managed to increase its installed capacity by a factor of 5 and expects to produce 1.5 TWh in 2024. The Group has developed its international presence and its portfolio of projects now totals 6,6 GW.

Two new partners on board

The relationship of trust between VALOREM and AIP began in 2022 with the financing of the Maatkusaari wind farm in Finland (149 MW). AIP has been actively investing in energy transition assets since 2012. AIP’s decision to invest in VALOREM is in line with its strategy of capitalising on strong market fundamentals and supporting companies that are well positioned and have a solid track record, creating a stable base for future growth in renewable energy.

IDIA, a private equity firm of Crédit Agricole Group completes the offer alongside CAAP Energies (a subsidiary of Crédit Agricole d’Aquitaine). This operation consolidates the historic relationship with the Crédit Agricole Group which has been an active supporter of VALOREM for several decades.

Historical and local shareholders confirmed

With this transaction, Bpifrance, historically a shareholder since 2007 via its regional funds, is renewing its support by investing via its France Investissement Energie Environnement 2 fund, dedicated to the Ecological and Energy Transition of French companies.

The historic local shareholders also reaffirm their presence in the capital of the VALOREM Group: Grand Sud-Ouest Capital; Crédit Agricole Aquitaine Expansion; IRDI, a private equity company based in the Greater South-West. The presence of these three regional funds underlines the determination of VALOREM’s management to remain firmly rooted in the economic fabric of the Nouvelle Aquitaine region.
The company’s founders, their families and the Group’s employees would continue to hold the majority of VALOREM’s capital and voting rights. This investment would enable the Group to pursue its commitment to remaining one of the last independent French IPPs in the sector.

The transaction would be completed once the information and consultation procedure with VALOREM’s representative bodies has been completed and the necessary regulatory approvals have been obtained, with completion scheduled for the first quarter of 2025.

The historical shareholders and VALOREM would like to thank all the employees who contributed to this success and the advisors who actively supported them in this transaction. Financial advisors: ASTRIS, BNPPARIBAS, LAZARD – Legal advisors: CLIFFORD CHANCE, PWC AVOCATS, AUGUST&DEBOUZY – Due diligences: KPMG, WATSON FARLEY, MARSH, EVEROZE, AURORA and DROOMS.

A new chapter for the Group as it celebrates its 30th anniversary!

“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 the 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.

“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 thrilled to support VALOREM and to strengthen the long-term partnership built with the Crédit Agricole Group over the years, alongside with CAAP Energies thus demonstrating our strong commitment at the regional level. VALOREM’s vision and strategy are fully in line with the Crédit Agricole Group’s societal plan to accelerate the energy transition in the local territories”, says Antoine PARIS, Investment Director in charge of the energy transition at IDIA.

“We are delighted to renew Bpifrance’s adventure with VALOREM, which began in 2007, with our FIEE 2 fund dedicated to the energy and ecological transition, in order to support one of the leading independent producers of renewable energy in France, in line with our Climate Plan”, Vanessa GIRAUD, Managing Director, and Samia BEN JEMAA, Senior Investment Director, of Bpifrance’s Impact Environment Funds.

“We are very pleased to reaffirm our support to the VALOREM Group and to contribute to the development of its activities. As long-standing partners of the Group, the energy transition is a major challenge to which we are proud to be able to contribute”, Cyril LAUGIER, Director of Participations GSO Capital and Etienne ROBEQUAIN, IRDI Associate Director.


About VALOREM

The VALOREM Group is an independent French operator in the field of green energy, with expertise in the entire process of harnessing renewable energy, from development to operation and maintenance, including project management, construction and auditing services. A pioneer in wind energy in France, VALOREM employs nearly 500 people and is also present in Finland, Greece, Poland and Sweden. Since it was founded in 1994, the group has financed the installation of more than 865 MW of renewable electricity and has a portfolio of 6.15 GW of projects under development. In 2023, its assets produced 1.2TWh of green electricity.

As a mission-driven company, VALOREM’s purpose is to ‘work together to make the most of local energies, to pave the way for a sustainable future based on solidarity’.

VALOREM is certified ISO 9001 – quality, ISO 14001 – environment, ISO 45001 – health and safety at work and ISO 20400 with the ‘Responsible Supplier Relations and Purchasing’ label.

In 2024, the VALOREM Group celebrates its 30 years of energy for avtion, find all our news: www.valorem-energie.com

About AIP Management

AIP Management specialises in energy and infrastructure investments that facilitate the energy transition in Europe and North America. Our team comprises 90 professionals with extensive expertise in investments and energy working from Copenhagen, London, Madrid, and New York. To date, AIP has invested over €7 billion in energy transition assets. This includes renewable energy assets with a capacity of approximately 7 GW. Once fully operational, AIP’s investments, will contribute to avoiding 10 million tons of greenhouse gasses and support about 5.9 million households with renewable electricity.

Visit us on : aipmanagement.dk/

About IDIA

IDIA brings together the Crédit Agricole group’s proprietary investment activities focusing on minority stakes to support mid-caps and SMEs across all business sectors. It has recognized expertise in the agri-food, wine, health and energy transition sectors. IDIA provides long-term support for companies and their managers to contribute to a low-carbon economy, based on an experienced team of investors dedicated to the energy transition.

IDIA is a portfolio management company approved by the AMF (French financial market authority) under no. GP-15000010.

CAAP Energies, a subsidiary of the Caisse Régionale de Crédit Agricole Mutuel d’Aquitaine, aims to invest in its territory in companies carrying out responsible and sustainable energy transition projects. The company’s investment program is €90 million over five years.

About Bpifrance and France Investissement Energie Environnement 2

Bpifrance finances companies – at every stage of their development – with credit, guarantees and equity capital. Bpifrance supports them in their innovation and international development projects. Bpifrance now also covers their export activities through a wide range of products. Consulting, university, networking and acceleration programs for startups, SMEs and ETIs are also part of the offer available to entrepreneurs. Thanks to Bpifrance and its 50 regional offices, entrepreneurs benefit from a close, single and efficient contact to help them face their challenges.

Launched in 2023, the FIEE 2 Fund (France Investissement Energie Environnement 2) is a continuation of the FIEE 1 invested between 2017 and 2022 by the Environmental Impact Funds team. It intends to amplify its action to support structuring players in France’s energy and environmental transition (in the renewable energies, energy efficiency and e-mobility, circular economy and environmental services sectors).

For more information: www.bpifrance.fr ; follow us on Twitter: @Bpifrance @BpifrancePresse

Press Contact

VALOREM
Camille GIRARD : camille.girard@valorem-energie.com / 06 46 30 71 85

AGENCE HOPSCOTCH
Alice AUGERAU : valorem@hopscotch.fr / 01 58 65 00 54