The French PV plant developer and operator Fonroche Solaire, a subsidiary of France-based investment companies InfraVia and NYSE-listed Eurazeo, has changed its name to Reden Solar. The rebranding, Eurazeo said in a press release, is the first step of the company’s new course, which envisages the construction of further PV power plants both in France and abroad.
Eurazeo has revealed that Reden Solar has secured contracts to build 88 MW of PV installations in the frame of France’s third bidding round for PV projects exceeding 250 kW. Furthermore, the company is planning to expand the capacity of the 46.7 MW solar facility it built in Humacao, Puerto Rico in 2016 by 52 MW. The second phase of this project, Eurazeo said, will be completed by the end of 2017.
Eurazeo added that Reden Solar aims at installing between 80 MW and 100 MW per year over the next 3-5 years. The company is also set to stably become an independent power producer.
Reden Solar has installed 330 MW of PV capacity in France and abroad to date. The company owns solar assets totaling 180 MW and also operates PV plants for third-party owners with a combined capacity of 100 MW.
Eurazeo owns 47% of the company, while InfraVia has a 53% stake. Eurazeo, which was previously Fonroche’s largest shareholder, announced the sale of a majority stake to InfraVia for an undisclosed sum in February.
In 2016, Reden Solar achieved a turnover of approximately €100 million ($107.4 million).