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    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 480MW of capacity over the last 10 years.

    The French power market is experiencing a major transition as it looks to reduce its reliance on nuclear generation and to increase generation from renewable sources of energy such as wind and solar. The energy transition has been continuously supported by the French governments over the past decade. With in-house capabilities across the entire project cycle and a strong local footprint, Valorem is well positioned to benefit from this shift in energy mix.

    Developments in the year

    Despite Covid-19, Valorem had a good year with revenues from electricity generation above budget and 45MW of wind, solar and hydro projects becoming operational. Since acquisition, the company has grown its asset base by 2.7x, now owning c.485MW of fully developed renewable capacity. Valorem continues to build an exciting pipeline of projects, including over 2GW of future capacity at advanced stages.

    All assets continued to operate as normal during the lockdown periods. Some construction projects suffered only limited delays, mainly due to supply chain issues early in the pandemic.

    Valorem’s operational portfolio is relatively young, with an average residual feed-in-tariff life of 12.5 years. It is also developing interesting initiatives to prepare for the postsubsidy world, with the signing of its first long-term corporate Power Purchase Agreement in France.

    Regulatory and political environment

    Renewables benefit from strong support from the French Government, which has an objective of a 32% renewables contribution by 2032 coupled with a carbonneutral electricity mix by 2040. In line with the need to triple the current installed PV capacity by 2023, in December 2017 the Government announced an increase of future PV auctions from 1.45GW to 2.45GW per annum over the next three years.

    Investment rationale

    This investment diversifies the Company’s portfolio with exposure to a growing renewables business in one of the most attractive European markets, and access to recurring, inflation-linked cash flows underpinned by a robust regulatory regime.

    Led by its experienced management team, Valorem is a best-in-class developer, being the fourth largest French wind developer and the largest independent one. It has a significant pipeline of projects at an advanced stage of development that it expects to convert into operating assets, with further projects at earlier stages to bring through the development process.


    Valorem’s core business is to contribute to the shift in production of electricity to renewable energy sources. Beyond this, the company is actively promoting various initiatives to strengthen sustainable procurement, minimise its impact on the environment and biodiversity at each stage of the project lifecycle, reduce direct and indirect emissions and waste production, as well as to provide a healthy, safe and fulfilling work environment to all employees.

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