European infrastructure investment firm Marguerite has announced the launch of a platform allowing investors to put their money towards building large-scale photovoltaic solar projects. The firm, based in Luxembourg and Paris, also announced its plans to invest up to 60 million euros in such projects across Europe.
Marguerite said it aims to establish a portfolio of over two gigawatts of developed and in-development projects within the next six years. The company said it will develop “utility-scale solar PV assets” in European countries including France, Spain, Italy, Germany, Austria and Poland.
The platform’s investments would be managed by Josef Kastner and Chloé Durieux, which Marguerite described as “two seasoned renewables executives with decades of combined experience in the renewable energy sector”.
“There is a growing demand for renewable energy in Europe, and we believe that solar PV is the best solution to rapidly address climate change,” said Kastner in a statement.
Much faster growth
The European PV solar market is expected to undergo much faster growth as the European Union pushes to meet its announced 2030 emission reduction targets and 2050 net zero agenda. PV solar assets can be deployed faster than other renewables, due in part to the fast-tracking of local permitting processes and higher local acceptance.
This trend has been increased by recent market conditions including rising carbon and gas prices which have led to higher forward-looking electricity prices.
The company seeks to support the acceleration of PV solar development throughout Europe.
Lack of focus on development
“There is a substantial amount of investment required in this sector, but there is a lack of focus on the initial part of the value chain: the development of projects,” said Guillaume Rivron, a partner at Marguerite. He said that the partnership with Kastner and Durieux “will allow us to quickly adapt to this market and invest in high-quality assets that will generate substantial value for our investors and clients.”
The investment aligns with Marguerite’s strategy to invest in infrastructure that are dedicated to contribution to climate change mitigation and adaptation.
The new platform complements an investment made by another Marguerite fund “Marguerite II” in a firm named ZE Energy, which is an independent power producer developing, building and operating hybrid solar plants integrating storage across Europe.
1.5 billion euro invested
Marguerite manages four European infrastructure funds, the most recent being Marguerite III. The firm reports that it has “deployed 1.5 billion euro into projects designed to address the changing infrastructure landscape in Europe by integrating ESG principles and creating positive change for society.”
The 60 million euro investment in PV solar would be made by the firm’s latest fund, Marguerite III, which receives European Union support from the InvestEU fund. Marguerite said that its funds “seek out capital-intensive, sustainable investment opportunities” They focus on energy and renewables, digital transformation, waste & water and transport.