Swiss fund manager SUSI Partners AG has bought a majority stake in French renewable energy developer APAL MW, which specialises in utility-scale onshore wind and solar photovoltaic (PV) projects.
Based in Nancy, APAL MW is a newly-formed entity, formed by the merger of local wind and solar developers 3N Developpement (3ND) and L’Agence de Developpement des ENR (ADE). The combined business is developing over 800 MW of utility-scale projects with the goal of establishing itself as an independent power producer (IPP). It will also consider expanding into other segments such as battery energy storage and rooftop solar installations in the future.
The transaction represents the eighth investment of SUSI Partners’ flagship evergreen equity fund – the SUSI Energy Transition Fund (SETF). The fund also has portfolio companies in Italy and Poland, as well as in the US, Australia and Chile.
