ZE Energy’s shareholders have begun sounding the marketing regarding a majority topco equity raise for the solar & BESS business, it is understood.

The France-based IPP is being advised on the Project Volt transaction by financial advisor Green Giraffe, with teasers believed to have started circulating in recent days.

The deal is forecast to formally launch after the summer.

ZE Energy’s upcoming raise comes around two years after it completed a EUR 54m topco equity raise led by Amundi Energy Transition in autumn 2024, a deal in which Demeter’s Climate Infrastructure Fund also participated, and existing backers Soregies, Marguerite, High-Tech Grunderfonds and Ze Way Invest remained as shareholders.

The amount of equity ZE Energy is aiming to raise with the latest transaction is not yet known but is estimated to potentially be in excess of EUR 100m.

ZE Energy’s operational portfolio is understood to currently stand at around 113 MW of solar PV and 65 MWh of BESS, with a larger portfolio at a late stage of development or about to start construction.

The group is understood to be working toward financial close later this year on the 98.5 MW / 895 MWh Sessa Aurunca battery storage project in Campania, Italy, for which it brought in Octopus Energy Generation as a co-investor in June, for example. The MACSE-backed project is expected to be commissioned in 2028.

The group also entered the German market in Q1 this year through a 145 MW / 300 MWh development partnership with SPP Development.

The tie-up will see SPP develop the two Brandenburg projects which make up the portfolio through to RTB, while ZE Energy will look to bring the schemes into operation in 2028.

ZE Energy did not respond to a request for comment.