Fonroche and large equity firm to cooperate on development in France
French geothermal developer Fonroche Géothermie has signed a partnership with Omnes Capital on the development, construction and operation of deep geothermal energy generation projects in France.
In a release yesterday, it was announced that Omnes Capital and Fonroche Géothermie have signed a partnership agreement concerning the development, construction and operation of deep geothermal energy generation projects in France.
Since 2010, Fonroche Géothermie has developed a fully integrated approach and ambitious industrial plans for developing geothermal energy projects in France. This strategy is supported by a team of specialists in geoscience, drilling and surface mining.
Having obtained seven exclusive operation permits in France, Fonroche Géothermie is planning to invest more than €400 million in the geothermal energy market between now and 2025, resulting in the creation of over 500 jobs.
Omnes Capital is a frontrunner in the field of renewable energy, having launched its first Capenergie fund in 2006. Since then, it has realized more than 30 investments in France and Europe in wind, solar, hydroelectricity and district heating projects from renewable sources like geothermal and biomass energy, representing over 1,500 MW of installed capacity, the equivalent to two nuclear reactors.
Capenergie 3, Omnes Capital’s most recent renewable energy fund, is the first fund to benefit from the support of the “Juncker” European investment plan via the participation of the European Investment Bank. Its strategy consists of developing green energy generation capacity based on mature technologies in France and Europe in partnership with SMEs.
Yann Maus, Chairman of Fonroche, comments : “Fonroche is very pleased with this partnership agreement and we are delighted to be able to count on the support of a major investment group like Omnes Capital, which has demonstrated a highly responsive approach in successfully formalising this agreement. Deep geothermal energy is a credible and effective energy transition solution that benefits from real know-how in France. The partnership with Omnes Capital will enable Fonroche Géothermie to continue with its development, offering innovative and ambitious energy solutions in order to participate in the emergence of a true geothermal industry in France.”
Serge Savasta, Managing Director at Omnes Capital, adds : “We are very happy to be working with Fonroche in geothermal energy. This partnership agreement follows on from the joint successes already achieved in the solar energy sector, which have demonstrated the entrepreneurial thinking and expertise of Yann Maus and his team. The strategy of the Capenergie funds over the last 10 years has consisted of developing green energy generation capacity with SMEs in France and Europe. Our partnership with Fonroche Géothermie therefore fits in perfectly with this dynamic.”
Source: Release via Omnes Capital