20 jobs for Dublin as €150m solar energy investment player Amarenco launches

11 Jun 2013

Twenty new jobs will be created with the opening of a new renewable energy asset management business called Amarenco in Dublin. The business, which has an investment fund worth €150m, will focus on solar photovoltaic (PV) investments in Europe.

The company is being founded by John Mullins, who stepped down at the end of 2012 as the CEO of Bord Gáis.

The company’s first investment fund will be known as the Global Solar Income Fund and the 20 new jobs will be created over the next three years.

Amarenco will focus initially on assets in the south of England and France.

Funds will be used to purchase large-scale solar projects installed or at financial close, in return for equity.

Investment criteria include proven track records of developers and contractors, established PV technology, fully permitted land access rights and grid access, creditworthy power purchase agreements, qualification for renewable benefits and majority shareholding.

Stockbroking firm Davy has been appointed investment manager for Amarenco.

Amarenco is also working with DHKN, an Irish private wealth services firm, and Investec Bank plc, who together are providing financial and origination support.

Ireland’s clean-tech talent

“We have contractual arrangements to secure assets for the full fund amount with experienced developers and owners’ positions in over 200MW of solar power projects in the UK and France,” Mullins explained.

“Investments will be in fully permitted and low technology risk solar photovoltaic power projects,” he said.  

“The opportunity presented to investors is both attractive and realistic with a target 6pc annual yield over a 10-year time frame.”

“We are particularly pleased to register as an Irish company and headquarter the fund in Ireland mainly as a result of the talent on hand in Ireland from the clean-tech and renewable sectors.

“And because Green International Financial Services Centre (GIFSC) is ensuring a pipeline of talent for tomorrow through its investment with Summit Finuas of some €600,000 in new master’s and post-graduate certificates in environmental finance at Dublin City University,” Mullins said.

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years