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Crédit Agricole Private Equity enters the German photovoltaic market through a dual investment in abakus solar
Crédit Agricole Private Equity, through its Capenergie 2 fund, participates in a capital increase of abakus solar AG, a leading German wholesaler, developer and installer of photovoltaic infrastructure projects. Crédit Agricole Private Equity and abakus solar also set up the infrastructure holding “abakus solar Power”, a holding designed to invest in the company’s projects. Crédit Agricole Private Equity’s overall investment amounts to €10 million.
With offices in Gelsenkirchen (head office), Cologne, Munich and Berlin, abakus solar is a developer and installer of photovoltaic rooftop and ground-mounted installations as well as wholesaler of complete installation kits (panels & inverters). abakus solar operates in the German market and has a strong presence in selected key markets outside of Germany such as Italy, Taiwan and the USA. The company has followed a promising growth trend since 2008 and expects a turnover of €112 million in 2011. It has 95 employees.
Germany is the world’s strongest photovoltaic market with 7.4 GWp of new photovoltaic installations and a 44.5% share of newly installed capacity worldwide in 2010.
The investment of Crédit Agricole Private Equity will enable abakus solar to step up its international development and to secure a third party investment solution for the financing of its photovoltaic infrastructures.
Marc-Philippe Botte, Director Renewable Energy at Crédit Agricole Private Equity, comments: "We are delighted to invest in abakus solar, which has the potential to become one of Europe's leading photovoltaic companies. Our capital injection will enable abakus' strong management team to further accelerate its international expansion."
Serge Savasta, Head of Renewable Energy at Crédit Agricole Private Equity, adds: "Our investment in abakus solar is further evidence of the success of our dual investment approach, which was already successfully implemented in France, Belgium and Italy. We are delighted to duplicate this strategy in Germany, which is historically the strongest photovoltaic market in Europe.”
Thomas Sandner, CEO of abakus solar, concludes: "We are delighted to have found a financial partner with a profound knowledge of the photovoltaic sector. Credit Agricole Private Equity will bring not only money, but also significant strategic insight to the table.”