France-based developer EREN Renewable Energy (EREN RE) has closed a new round of fundraising worth nearly EUR 100 million from a consortium of investors.
EREN RE says it will be able to call upon the second tranche of funds worth a similar amount from the same group of investors between 2016 and 2017.
The company is positioning itself as a developer of solar and wind energy projects in emerging markets. It has accumulated a diversified portfolio of wind, solar and hydro power assets totaling 240 MW of capacity either in operation or under construction in France, Italy, Greece, Israel and India.
EREN RE seeks to expand its portfolio to over 2 GW by 2020 with projects in Asia, Africa and Latin America.