Valorem acquires Force Hydraulique Antillaise
Valorem SA (“Valorem” or “the Company”) today announces it has agreed to acquire a 51% stake in Force Hydraulique Antillaise SAS (“FHA”), the leading developer and operator of hydro power plants in the French Caribbean islands, alongside its founder Raphael Gros, from a fund managed by Infravia Capital Partners.
Completion of the transaction is expected in July, subject to certain conditions. The transaction will be funded by the Company’s balance sheet and external debt.
FHA provides essential renewable electricity generation services in the French Caribbean islands, a territory heavily dependent on fossil fuels. The business owns 10.4MW of small scale operational plants, 6.4MW of ready-to-build assets and has a further pipeline of c.100MW. Valorem’s established development capabilities will support the acceleration of the conversion of its pipeline into operational plants. The plants operate under long-term power purchase agreements.
Valorem currently has an owned asset base of solar, wind and hydro power of 340MW in France (including plants under construction). A further 150MW is expected to be financed in the coming 24 months, continuing the Company’s strong growth.
Jean-Yves Grandidier, Valorem CEO, commented:
“We are delighted by the acquisition of FHA which, following the opening of the Sainte-Rose wind farm earlier this year, positions us as the leading independent power producer in the French Caribbean Islands, where there is significant potential for renewable energy development, and we are looking forward to working with Raphael to realise the full potential of FHA’s existing assets and pipeline.”
Raphael Gros, FHA founder and CEO, said:
‘We are pleased to become part of the Valorem family. Their expertise will help us accelerate the conversion of our pipeline into operational plants.”