FARIA Group, a long-standing and experienced Greek renewable energy developer, and Capenergie 5, the fifth generation OMNES’ renewable energy fund, which hit its first €800m closing earlier this month, have established a Greek Joint-Venture “FARIA Renewables S.A.” with the ambition to become a leading Independent Power Producer (IPP) in a fast-growing Greek market and abroad.
With Capenergie 5, OMNES has taken a majority stake in the JV and plans to deploy significant equity to finance a two-pronged strategy consisting of seizing both M&A opportunities to acquire mid- to late-stage projects and developing the JV’s own greenfield pipeline. This dual source of projects will enable the creation of a platform of critical size, with more than 350 MW of operating capacity and a 1,5+ GW pipeline of projects over the next 4-6 years in Greece.
Greece wants to leverage its geographical advantages in terms of wind and sun resources to shift rapidly to a decarbonized electricity production. It set ambitious renewable energy targets multiplying by two the renewable energy installed capacity by 2030, with the objective to phase out coal fired plant by 2028. This strategic partnership allows FARIA Renewables to leverage the local experience of the development and management team together with the support and expertise of OMNES to drive its growth and make an impact in the vibrant Greek renewable energy landscape.
To kick off the partnership and accelerate growth and capital deployment, FARIA Renewables is pleased to announce the acquisition and the start of construction of a first 20 MW PV asset, located in Central Greece, which will be operational in Q1-2024. The area is ideal for solar PV development, on flat land and benefits from high irradiation levels.
FARIA Renewables is also discussing the acquisition of other projects and portfolios of third parties and has under development an organic pipeline of significant capacity, while at the same time, is negotiating strategic partnerships in the Offshore Wind and green Hydrogen sector, with an international target of at least 5 GW.
Akereos Capital acted as the exclusive M&A advisor, and KLC Law firm and Tom Kyriakopoulos as legal counsel backed the closing.
Thalia Valkouma, President, and Chief Executive Officer of Faria Renewables, said:
«We are excited by the establishment of FARIA Renewables, together with our partners OMNES Capital team and Capenergie 5. FARIA Group initially developed its expertise and savoir-faire in the Renewable Energy Source (RES) sector and now we are looking forward to a challenging and successful second part, as FARIA Renewables. This partnership aims to accelerate the transition to renewable energy and to mitigate the climate change effects under sustainable, transparent, and responsible governance structures.”
Dimitris Kintsakis, Vice-President, and Chief Executive Officer of FARIA Renewables, added:
“We are very happy for the cooperation with OMNES and Capenergie 5. Our organizations have common thoughts, common visions, and common goals to make FARIA Renewables a leading Independent Power Producer which will contribute with its activities and initiatives to the sustainable development of local societies and the achievement of green economy”.
Michael Pollan, Managing Partner at OMNES, said:
“We are delighted to partner with the highly experienced team of FARIA Group and to have the opportunity to support them in their journey towards becoming a leading Independent Power Producer (IPP) in Greece and Europe.”
