INVESTMENT: SOLVEO Energies retains financial advisor for equity capital raise

French renewables developer & IPP Solveo Energies has appointed a financial advisor to support it in a topco level equity raise over the coming months, according to sources close to the situation. 

Founded in 2008, the Toulouse-headquartered group is understood to have in recent weeks selected Natixis to support on the transaction, through which it is mooted to be looking to raise up to EUR 100m in fresh equity via the divestment of a minority stake in the business, according to multiple industry sources.

The exact size of the group’s operating, ready-to-build and development-stage portfolio is not known, although it is active across both solar PV and onshore wind with close to 300 projects in operation, and recently entered the EV charging space.

In January, Solveo announced it had signed a 25-year PPA with SNCF Energie for the output from a 15MW onshore wind project in the Cher department, with commissioning forecast for May 2024.

Earlier in February, it secured a contract for a 7.8MW onshore wind farm in France’s most recent tender for the sector, while in November and July 2023 it secured tariffs for 30MW and 15MW of onshore wind capacity, respectively.

Solveo previously in 1H21 raised EUR 30m in investment via the disposal of a minority stake in the business to Crédit Mutuel Capital Privé and Caisse d’Epargne Midi Pyrénées.

The fund managers’ capital injection was intended to help push forward Solveo’s 1GW-plus renewables pipeline, which is mainly comprised of onshore wind in addition to a further tranche of solar PV.

Credit Mutuel invested through its 25-year Siloé Infrastructures vehicle while Caisse d’Epargne Midi Pyrénées invested via its Midi Energy platform.

Solveo did not respond to a request for comment.

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