French listed private equity firm Eurazeo is to up its stake in local renewable power company Fonroche Energy, taking a bet on the take-up of green power in the country.
The firm is to provide the company with growth capital in the form of a €15m tranche in equity, following its initial investment of €25m in April last year.
Fonroche has also signed an agreement for a €52m credit line from a banking syndicate led by Credit Agricole.
The funds will be used for the company’s continued development in renewable energies and will enable Fonroche to build 20MW of photovoltaic greenhouses.
Eurazeo is a listed investment firm that manages a diversified portfolio with more than €4bn in assets. The firm invested €418m in Italian clothing brand Moncler earleir this month, leading the company to scrap a planned IPO.
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