The Paris-based investor in private equity and infrastructure Omnes has acquired a minority shareholding interest in leading Danish solar PV provider Better Energy for
€30 million. This deal marks the first investment of Omnes’s fourth-generation fund dedicated to renewable energy, Capenergie 4, currently being raised. Omnes has announced on this occasion the first closing of Capenergie 4 at €380 million (€500 million in target size).
Omnes received strong support from its existing investor base as well as from new French and international institutional investors. The European Investment Bank is supporting Capenergie 4 as a cornerstone investor with a €75 million commitment, up from €45 million in 2015 for Capenergie 3.
Capenergie 4 follows in the footsteps of the successful previous vintages: Capenergie 1, Capenergie 2 (15% investor net IRR and investor net multiple of 2x), Capenergie 3 funds, which raised €109 million in 2006, €145 million in 2010 and €245 million in 2017 respectively. The objective of the Capenergie funds is to provide European renewables developers with growth capital to help them transform into independent power producers. This unique value-add strategy has achieved outstanding returns and has created new market leaders across the European renewable energy sector. Capenergie 4’s investment in Better Energy is the perfect demonstration of this successful strategy.
“Since 2006, the team has been helping to transform Europe’s renewable energy developers into independent power producers. This has been achieved through a unique investment approach that combines private equity and infrastructure. We are very pleased to welcome leading investors and to continue with Capenergie 4 to support the energy transition in Europe”, Serge Savasta, Managing Partner at Omnes.
“This first investment in Better Energy, and the successful close on Capenergie 4 fund prove that Omnes is one of the leading European players in funding renewable energy infrastructure. As the EU’s climate bank, the European Investment Bank is proud to support Omnes’s ambition to develop independent power producers around Europe”, Ambroise Fayolle, Vice-President, European Investment Bank.
Better Energy, a pioneer in Northern Europe
Better Energy is currently developing 5 GW of solar projects at different stages in Denmark and Poland and is aiming to speed up its transition to become an independent power producer. Bringing on Capenergie 4 as a strategic partner will enable the company to expand its long-term ownership portfolio and to accelerate its transition towards an independent power producer. Better Energy is among the companies that are driving the trend of making unsubsidized solar a reality in Northern Europe. The Company is poised to become the leading solar player in the Nordics.
“Better Energy aims to advance the deployment of renewable energy as rapidly as possible and at the lowest cost possible. To achieve our ambition, we are optimally structured as an integrated solar energy provider, delivering a long-term, utility-scale project pipeline by focusing on a lean and industrial strategic approach to renewable energy deployment. We believe that a strategic partnership and equity investment by Omnes provides an optimal fit to Better Energy’s strategic aims of delivering the next steps in the green energy transition within northern European markets,” says Better Energy CEO Rasmus Lildholdt Kjær.
“Europe’s renewable energy landscape is currently undergoing a profound change by moving towards an environment without public subsidies. Better Energy is pioneering this revolution by making subsidy-free solar PV possible in Denmark and Northern Europe faster than anyone expected. Omnes is very excited to join Better Energy and support them on their journey towards becoming a leading independent power producer,” says Omnes Partner Michael Pollan.