French renewable energy developer secures €60 million to fund solar, storage pipeline

France-based renewable energy developer and independent power producer (IPP) Watt&Co has secured a €60 million junior financing facility through the Arkéa Euro Impact Transition Infrastructure Debt 2 and CIC Transition Infra Debt 2 funds.

Structured with support from Tevali Partners, the financing is intended to provide the equity required to build the company’s next projects, including 100 MWp of solar capacity and 50 MWh of energy storage. Watt&Co said the facility supports its strategy of retaining ownership of its operating assets.

The company said the financing is backed by a development portfolio comprising 1.5 GW of renewable energy projects and 800 MWh of storage capacity.

Founded in 2009, Watt&Co employs more than 100 people and currently has around 130 MW of assets in operation or under construction, with a further 100 MWp in the financing stage.

Its development pipeline includes 1.3 GWp of solar projects, primarily agrivoltaic and ground-mounted installations. The company’s portfolio consists of 83% agrivoltaic and ground-mounted solar projects, 15% rooftop solar projects, and 2% hydropower assets.

From pv magazine France