Overview

Valorem is a leading independent renewable energy development and operating company. It is one of the largest onshore wind developers in France, having developed over 1.5GW of capacity over the last 15 years.

3i Infrastructure acquired a 33% interest in Valorem in 2016. In 2024, 3i Infrastructure sold its stake to funds managed by AIP Management P/S and certain other co-investors, generating net proceeds of €309 million, a 21% gross annual IRR and 3.6x gross money multiple.

Highlights

• Substantial growth since initial investment: EBITDA more than quadrupled since 2016
• Valorem’s business model was transformed from an asset developer to one of the leading independent renewable power producers in Europe
• The company expanded its focus from French onshore wind generation to include solar and hydroelectric generation across France, Finland, Greece and Poland, in addition to hydrogen business cases and battery storage projects
• Valorem’s operational asset base has grown to over 850MW, a more than five-fold increase, and its development pipeline has grown to 6.6GW
• Acquired FHA, a hydroelectric developer and operator, to expand Valorem’s capabilities
• The company is well positioned for further growth supported by Europe’s energy transition and new growth opportunities such as battery storage to optimise power delivery