In March 2016 Amarenco Solar Limited (“Amarenco”) raised €5.5m through Cantor Fitzgerald Ireland by way of an unsecured loan note paying a coupon of 15% per annum. The funds were used to establish a development pipeline of operational solar assets in France during 2016/17. Amarenco successfully deployed this capital on the acquisition of a number of solar projects during this period and delivered significant value through the construction of assets.
The 3-year loan note included an early repayment clause. In early 2017, Amarenco announced a new platform with an affiliate of M&G Investments, Infracapital, to create Infram Energy. This resulted in a sale of assets to this new platform and allowed Amarenco to retire the loan notes and pay investors their principal and accrued interest in April 2017. Investors in the loan note received a return of 15.8% over a 12-month and 20-day period.