The pan-European infrastructure investor Marguerite is launching an investment platform dedicated to greenfield solar photovoltaic (PV) projects and will invest up to EUR 60m in the company from its latest fund, Marguerite III.
The platform aims to establish a portfolio of over 2 GW of developed and in-development projects within the next six years under the leadership of Josef Kastner and Chloé Durieux, two seasoned renewables executives with decades of combined experience in the renewable energy sector. The company will develop utility-scale solar PV assets in European countries, including France, Spain, Italy, Germany, Austria and Poland.
The European solar PV market is expected to enter a new phase of accelerated expansion as the EU strives to meet its 2030 emission reduction targets and the 2050 net zero agenda. Recent market conditions have further accelerated this trend, including rising carbon and gas prices which contribute to higher forward-looking electricity prices, and solar PV assets are characterised by shorter development periods compared to other renewables, enabled by the fast-tracking of permitting processes and higher local acceptance.
“The rationale behind our decision to invest in this platform was that this market benefits from high premiums for ready-to-build assets, and an agile approach is critical to respond quickly to changes in market conditions and take advantage of new opportunities as they arise,” said Guillaume Rivron, Partner at Marguerite. The company will prioritise in-house development or co-development with local partners to fully capture the value-creation potential of the development activity and, in some cases, build the infrastructure before selling it to utilities or other investors.
The company will support the acceleration of solar PV development throughout Europe. “There is a substantial amount of investment required in this sector, but there is a lack of focus on the initial part of the value chain: the development of projects. Our partnership with Josef and Chloé, combined with our European presence and sector knowledge, will allow us to quickly adapt to this market and invest in high-quality assets that will generate substantial value for our investors and future clients,” Guillaume Rivron added.
This investment aligns with Marguerite’s strategy to invest in infrastructures that intrinsically contribute to climate change mitigation and adaptation. The new platform complements Marguerite II’s investment in ZE Energy, anindependent power producer that develops, builds and operates hybrid solar-plus-storage power plants across Europe.
“We are excited to launch this initiative with the financial and strategic support from Marguerite and to demonstrate our commitment to developing high-quality projects that will positively impact the communities,” said Josef Kastner, CEO of the company. “There is a growing demand for renewable energy in Europe, and we believe solar PV is the best solution to rapidly address climate change”.
“Development is a human-oriented and collaborative activity that requires resilience and dedication. We are eager to leverage our long-standing experience in the field to build a motivated team with a shared goal of contributing to the push for renewable energy that will benefit all stakeholders,” said Chloé Durieux, Chief Development Officer of the company.
Marguerite
Marguerite is a pan-European investor in long-life greenfield and brownfield expansion infrastructure.
Our funds seek out capital-intensive, sustainable investment opportunities with a particular focus on four sectors: (1) Energy & Renewables, (2) Digital Transformation, (3) Waste & Water and (4) Transport.
Marguerite manages four European infrastructure funds, the most recent being Marguerite III. Over the years, we’ve deployed in excess of €1.5 billion into projects designed to address the changing infrastructure landscape in Europe by integrating ESG principles and creating positive change for society.
Marguerite III benefits from support from the European Union under the InvestEU Fund.
From our origins in 2010 as an independent infrastructure investment manager backed by the European Investment Bank and the main European National Promotional Banks, we have evolved into a fund manager dedicated to generating value for investors while integrating robust ESG screening as part of our eligibility criteria and continuously measuring the positive impact of our investments.
Our team is based in Luxembourg and Paris.