Tevali Partners advises Infranity on its stake acquisition in IEL
Initiatives & Energies Locales (IEL) is a full-service French renewable energy operator that has evolved from a wind developer to become a leading multi-energy Independent Power Producer (IPP) in the western part of France. The company operated 147 MW in 2022 and plans to develop and operate more than 550 MW by 2025 with an overall pipeline of 1.2 GW.
In this growth context, IEL was looking for an investor with a real interest in the energy transition to partner with. The contemplated transaction included a capital increase alongside the acceleration of IEL's growth to develop the group by building new capacities in western France and participating in the decarbonization of the economy.
Infranity, a very attractive investor in the financing of the energy transition in Europe, has invested in 14 renewable energy transactions since the creation of the fund in 2018 for a total volume of 1.3 billion euros. The financial support provided by Infranity is based on a secured pipeline of greenfield renewable energy assets for 644 MW, representing 66% of their targeted net operational capacity for 2027. In addition to financially contributing to the company's growth, Infranity has acquired a minority stake in the company.
In this transaction, Degroof Petercam IB and Tevali Partners were mandated by Infranity as financial advisors to review the investment opportunity as well as to conduct the transaction. Clifford Chance was appointed as legal advisor and Syneria as technical advisor.
For Steven Kassab, co-founder of Tevali Partners: "We are proud to have participated in this decisive operation for the growth of IEL's business by accompanying Infranity, a very dynamic fund in the financing of the energy transition in Europe. We have positively assessed this investment opportunity, which seems particularly relevant in a context of strong growth for IEL."