Storebrand Strengthens Renewable Energy Investments

2024-10-08

Storebrand Infrastructure Fund has expanded its sustainable infrastructure portfolio by entering into an agreement to acquire a stake in the leading French independent power producer, VALOREM, in partnership with AIP Management. This investment supports Storebrand’s broader strategy to increase its presence in sustainable infrastructure and accelerate the green transition.

VALOREM specializes in developing and operating renewable energy infrastructure, including wind, solar, and hydropower. Founded in 1994, VALOREM has nearly 30 years of experience as a pioneer in renewable energy, with a fully integrated business model covering the entire value chain—from project development to construction and operations.

"The investment aligns well with our broader goal of generating long-term value for our clients while contributing to the green transition in Europe," says Dagfin Norum CIO Storebrand Asset Management.

The investment is made through a consortium that includes asset manager IDIA, part of the Crédit Agricole group and Bpifrance. Together, the consortium acquires a ~33% stake in VALOREM. In addition, the investors have agreed to inject capital into VALOREM to finance its strong pipeline of renewable projects.

"This strategic addition brings Storebrand Infrastructure Fund to approximately 80% deployment across nine investments in sustainable assets across Europe and the US," he adds.

Stability and growth ahead
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.

“VALOREMs portfolio of operating and development assets offers an attractive combination of stability and growth potential which complements the current portfolio of Storebrand Infrastructure Fund”, Norum concludes.

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.

The press release: Storebrand Strengthens Renewable Energy Investments with Acquisition of French Energy Company

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