By Andres Gonzalez
LONDON (Reuters) – Asset managers Amundi and Reichmuth will co-invest up to 265 million euros in a new vehicle by Spain’s Alantra, which aims to raise a total of 1.7 billion euros to invest in solar photovoltaic farms, the three companies said in a statement.
The platform, in which financial services firm Alantra will partner with renewable developer Solarig, will target 50 plants in Italy and Spain with a capacity 1.9 gigawatts and be called N-Sun Energy.
Money managers are buying into businesses that are putting in place building blocks for a global shift away from greenhouse gases, a pivot that the International Energy Agency calculates will cost $2 trillion a year by 2030.
N-Sun aims to raise 700 million euros ($752.36 million) in equity and 1 billion in debt. Amundi and Reichmuth will contribute to the equity portion, Alantra’s spokesperson said.
The solar farms are in different stages of development and will be fully operative by the end of 2025, the companies said.
Once completed, the portfolio will generate the equivalent of the annual consumption of more than 800,000 households and more than 180 million euros in revenues.
($1 = 0.9304 euros)
(Reporting by Andres Gonzalez, editing by Kirsten Donovan)