Franco-Irish renewable IPP Amarenco is preparing its next equity raise, two years after it welcomed Arjun Infrastructure Partners as a new shareholder in the company.

According to sources familiar with the situation, Amarenco has mandated BNP Paribas to advise on the transaction, which is still in a preliminary stage.

The new planned equity raise for the company, which develops and operates large-scale solar PV and storage assets across Europe, is expected to be in the EUR 300m range, according to one of the sources.

The last Amarenco equity raise took place in 2023, when Arjun Infrastructure Partners agreed to invest EUR 300m via its Infrastructure Alliance Europe 2 fund for a 30% stake.

The process takes place as one of Amarenco shareholders, Tikehau Capital, also mulls a potential sale of at least part of its shares, according to two of the sources. One suggested that this might happen later on, potentially next year. Tikehau’s stake size has not been publicly disclosed.

The 2023 capital raise was the third held by Amarenco since the merger of Irish developer Amarenco with French engineering and project management firm Groupe Carre in 2018.

Paris-headquartered French asset manager Tikehau invested in Amarenco in 2020 through its EUR 1.1bn T2 Energy Transition Fund, with a 2018 vintage and maturing in 2028.

The same fund has been exiting other investments. It previously also invested in Spanish biomass-focused developer Enso and in French solar developer GreenYellow, but Enso was sold to Igneo Infrastructure Partners late last year, while Ardian Infrastructure bought 76% of GreenYellow in 2022 from investors including Tikehau, which kept a small stake.

In addition to Tikehau and Arjun, a pool of investors from the Credit Agricole Group including IDIA Capital Investissement are also among shareholders in Amarenco.

Amarenco, which has a total 650 MW of solar assets in operation, earlier this month closed a EUR 188m financing for the construction of a solar PV portfolio with a club of French banks.

It has meanwhile also launched separate processes to sell a portfolio of solar projects in operation and under development across Portugal and a portfolio of battery storage projects in France.

Tikehau declined to comment. Amarenco, BNP Paribas and Tikehau did not respond to requests for comment.