• Valorem



    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 600MW 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.

    Recent developments

    It has been a very strong year for Valorem, with significant EBITDA growth and an increase in total closed capacity of 270MW, to 778MW. The short-term negative impact of the energy windfall tax introduced by the French Government was partially offset by increased auction tariffs. Longer term, market fundamentals remain strong given the ongoing issues with nuclear power plants in the country. The pipeline of wind and solar projects continues to grow as expected.

    Internationally, the construction of the Viiatti windfarm (313MW) is progressing to plan, with completion expected in 2024. The broader pipeline in Finland continues to mature well. In Greece, Valorem financed its first wind project during the period and is progressing well on further wind and solar opportunities.

    Beyond its core business, Valorem is exploring further growth initiatives in the floating off-shore wind segment, making progress on its first green hydrogen project and the development of a battery storage pipeline.

    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 has grown its owned operational renewable assets base from 157MW at acquisition in 2016, to 508MW in 2022, with a further 270MW owned capacity under construction. This includes onshore wind, solar and hydro-electric generation. The business is also making headway into battery storage, green hydrogen and floating offshore wind. Valorem is a mission-driven company that aims to support local and inclusive economic growth and job creation, with a particular focus on inclusion. In 2022, 12% of working hours on Valorem’s solar construction sites were reserved to the long-term unemployed.