Independent Power Producer (IPP) Smart Energies announced today that has raised €87 million (USD$95 million), with proceeds from the financing aimed at accelerating its deployment of small solar sites across Europe, including on roofs, parking lots and small ground-based projects.
Founded in 2012, Paris-based Smart Energies develops, finances, builds and operates renewable projects across Europe, with a focus on mid-scale solar PV projects. The company currently owns and operates more than 500 solar sites, with capacity of 160 MWp in operation or under construction.
The new financing follows a €20 million capital raise in 2022 from RGREEN INVEST. Since the 2022 funding, Smart Energies has opened new offices in in Italy, Greece, Finland and Sweden, and developed new activities including battery storage.
Smart Energies said that the new financing will help the company accelerate its development, particularly in Greece and the Nordic countries. According to Vianney de l’Estang, President of Smart Energies, the new funds will support the construction of more than 1,000 projects over the next 4 years.
de l’Estang said:
“This new round of financing shows the quality of our teams and will enable us to step up the deployment of our strategy, which is unique in Europe, based on medium-sized solar projects with a minimum land footprint: Smart Energies, a mission-driven company, mainly develops projects on already artificialized land such as buildings, parking lots or small polluted plots, with strong local economic impact for the thousands of farmers, landlords, SMEs and craftsmen who are part of the adventure.”
The financing round adds two new shareholders to Smart Energies, including sustainability-focused investor Plenium Partners, and SWEN Capital Partners, through its renewables-focused SWEN Impact Fund for Transition.
Charlotte Virally, Investment Director at Swen Capital Partners said:
“The quality of the Smart Energies team and its strategy focused on small solar projects that have enormous potential convinced us of the relevance of this investment. We are delighted to support Smart Energies in the next stage of its growth, in France and internationally.”
