France plans to undergo a monumental surge in renewable energy production through solar and wind energy, as outlined by French President Emmanuel Macron in February 2022.
The plan is spear headed by a 40GW target through 50 offshore wind farms. This represents a substantial increase compared to the initial 8.75GW by 2028 target outlined in the 2020 Multiannual Energy Program.
The French Government partnered with France’s wind industry will organise plans to auction offshore wind projects with a minimum of 2GW, which will commence in 2025.
To date, France has auctioned 3.5GW of offshore wind. Therefore, this announcement represents a huge opportunity for potential investors. In addition to offshore wind, Macron also announced plans to develop a further 100GW of solar and double the current 18.5GW of installed onshore wind by 2050.
1) Greencoat Renewables (Ireland)
Since their inception in 2017, the Irish renewables investor have acquired a diverse portfolio of wind and solar projects across Europe. To date, Greencoat have acquired four French wind farms.
The latest addition was a 65MW project located in the Burgundy region, spread across four wind farms. The portfolio was purchased from Swiss renewables developer Axpo. The wind farms are located in the Centre Val-de-Loire region. French projects now consist of 12% of Greencoat’s portfolio as the investment group aims to solidify their European expansion.
2) Cubico Sustainable Investments (United Kingdom)
The London-based group have invested in over 170 renewable projects, amassing a total installed capacity in the excess of 3GW. Cubico have developed a strong foothold in the French wind sector since their acquisition of several wind projects from InControl and Biorganotec.
The 200MW French wind portfolio is spread across 10 wind projects. In addition to the wind farms, Cubico have established offices in Bordeaux and Toulouse to monitor their projects and look to strengthen their portfolio.
3) Octopus Renewables (United Kingdom)
Octopus Renewables are a large-scale European renewables investment group which were founded in 2000. Since their foundation, the group have acquired a portfolio with an installed capacity of 2.8GW with numerous projects located in the UK, France, and Italy. Their first French acquisition dates back to 2019, with the purchase of the Roche Quartre Rivieres 18MW wind farm.
Their latest addition was completed in January 2022 having acquired a 14MW wind project located in the Cotes d’Armor region. The wind farm was purchased from Energiequelle for an undisclosed price and consists of 6 Enercon turbines.
The French project is part of their plans to ramp up wind growth across Europe to help deliver Net-Zero. Their plans also include the development of 9 wind farms in Scotland and the financing of a 31.5MW Swedish wind farm in cooperation with OX2.
Image Source Unsplash 27.06.2022