123 backs solar

Paris-based 123Venture has invested a total of €4m in two operators of solar and biogas power plants.

Solar Mimizan and Margeriaz received €2.5m and €1.5m respectively. 123Venture, advisor to 123 Holdings ISF 2009, partnered with Frey Nouvelles Energies, one of the prominent players in renewable energies in France.

According to Paul de Fréminville of 123 Venture, the investment represents more than €10m financed with €4m in equity and €7m in debt.

Frey Nouvelles specialises in conception and development of wind, solar, biogas. It is 94% owned by Compagnie Frey which is mainly active in commercial real estate and champagne.

Frey Nouvelles has several projects in development which amount to the production of 85MW over two years. The funding from 123Venture will be used to develop activity in power plant operation.

CEO and founder of 123Venture, Olivier Goy said: “Thanks to the funds collected in our ISF Holding, we have invested more than €70m in the second quarter of the year in over 35 medium size companies. We are pleased with our association with Frey Nouvelles Energies and hope to continue to partner with the in new projects.”