French IPP ZE Energy raises EUR 54m to fund solar-plus-storage plans

French independent power producer (IPP) ZE Energy, a specialist in solar-plus-storage plants, announced on Tuesday that it has raised EUR 54 million (USD 58.2) to finance its expansion plans.

The funding round was led by Amundi Transition Energetique, a unit of Paris-based asset manager Amundi SA (EPA:AMUN), and welcomed two new investors: the Core+ infrastructure funds, which are managed by Amundi Transition Energetique, and the Climate Infrastructure Fund, managed by Demeter.

ZE Energy also received capital injections from Marguerite, HTGF and ZE WAY INVEST, as well as a new investment from its existing shareholder, French energy firm Soregies.

ZE Energy, founded in 2019, develops, builds and operates hybrid power plants that combine photovoltaics and battery energy storage systems (BESS). Electricity from these plants is sold to end consumers or through tenders.

The proceeds from the latest round will support ZE Energy’s plan to grow over the next two years and finance its expansion in Europe. The IPP says its goal is to have a portfolio with over 900 MW of solar photovoltaic and 600 MWh of storage projects in operation and ready-to-build stage by the end of 2026.

“Against a backdrop of increasingly volatile solar energy tariffs, ZE Energy's business model is proving to be an effective solution for a controlled energy transition. Our model, which combines solar production and energy storage, is attracting growing interest”, said Mathieu Lassagne, founder of ZE Energy.

“In the first half of 2024, solar energy prices became increasingly negative, due to overproduction at certain times of the day. Being able to store this energy, and thus avoid price volatility, is the best solution for both producers and consumers”, added Lassagne.

(EUR 1.0 = USD 1.078)

Choose your newsletter by Renewables Now. Join for free!