(Alliance News) - 3i Infrastructure PLC said on Thursday it will invest EUR25 million into French renewable energy company Valorem.
The Jersey-based investment business said the investment would give it a 33% stake in the company. Previously, 3i Infrastructure held a 29% interest in the business.
3i Infrastructure said the funding will support continued growth in Valorem's installed base of operational assets and development pipeline.
Since the company's original investment in the company in 2016, 3i Infrastructure said that Valorem has almost tripled its asset base to 0.5 gigawatts and has more than doubled its earnings before interest, tax, depreciation and amortisation.
Shares in 3i Infrastructure were up 1.1% at 348.34 pence each on Thursday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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3i Infrastructure (3IN)