SUSI Partners, through its flagship evergreen equity fund SETF, has acquired a majority stake in newly formed APAL, a French clean energy development company born out of the merger of experienced French wind and solar developers 3N Développement (“3ND”) and L’Agence de Développement des ENR (“ADE”). With this transaction, the Fund establishes a presence in another core European market poised to rapidly expand its renewable energy generation capacities.
By fusing the capabilities of two experienced development companies 3ND and ADE with the financial expertise and backing provided by SUSI, APAL looks to establish itself as an independent power producer while continuing its development activities on behalf of third parties in the medium term. Collectively, the group has to date originated and is developing over 800 MW of utility-scale onshore wind and solar photovoltaic projects and has the potential to expand into further sectors of the clean energy universe such as battery energy storage and rooftop solar PV in the future.
In France, all signs point towards a rapid expansion of the country’s renewable energy generation capacity due to intensifying pressure to meet EU climate targets and increased concerns about energy security given the country’s high dependence on an ageing fleet of nuclear power plants. France is taking substantial steps towards removing administrative hurdles to fast-track the development of clean energy assets and facilitating long-term energy offtake agreements. In this context, APAL’s proven track record of operating transparently and in close cooperation with local stakeholders will be invaluable to secure the continued support of local populations.
Through SETF, SUSI looks to advance the growth of asset investment platforms and management-led businesses across the energy transition sector and has already built a well-diversified portfolio with activities in clean energy generation, energy efficiency, energy storage, and integrated customer energy solutions. APAL represents the Fund’s eighth portfolio company overall, adding to platforms established in Italy and Poland that are complemented by non-European investments in the U.S., Australia, and Chile. Given the attractive investment environment in the energy transition infrastructure space, SUSI is looking to further expand SETF’s capital base in 2023.