Voltalia needs €376 million for 2.6GW

PVTech.org has reported that French energy services company Voltalia is trying to raise €376 million, in order to reach its 2023 renewable energy target of 2.6GW.

Voltalia has already secured €283 million of the required funds and has asked its long-time and new investors to provide the rest by 8 July 2019.

The company’s renewable expansion plans have so far been backed by Proparco and Voltalia’s parent company Creadev, both of which have invested.

The European Bank for Reconstruction and Development (EBRD) has also invested in the plans. Voltalia said that at least €50 million of the total capital raised would be spent in emerging markets such as Morocco, Egypt and Greece, in line with the EBRD’s requirements.

The company, which reached its 2020 1GW renewable installation target one year ahead of schedule, said if it did not reach its €376 million goal it would use various complementary resources instead, reported PVTech.

Earlier this week Voltalia announced that it had signed a long-term direct power purchase agreement (PPA) with SNCF Energie. The PPA will see the company provide 143 MW of renewable energy to SNCF Energie, which will be used to power train traffic.

Voltalia said, the agreement will last for 25 years and is one of the 10 most important corporate PPAs in Europe.