3i Infrastructure has received a binding offer for its 33 percent stake in Valorem, an independent European renewable-energy developer and power producer, from funds managed by AIP Management P/S and other co-investors.
Expected net proceeds from the sale are €309 million ($337 million), a 15 percent uplift from 3iN’s valuation of €268 million ($292 million) as of March 31, 2024, and 31 percent from the valuation as of Sept. 30, 2023, before the sale process was initiated. The proceeds will be applied to reduce the outstanding balance on 3iN’s revolving credit facility.
Since 3iN’s initial investment in 2016, Valorem’s business model has been transformed from an asset developer to a significant independent renewable power producer in Europe. Valorem also has expanded its focus from French onshore wind generation to include solar and hydro generation across France, Finland, Greece and Poland.
Since 2016, Valorem’s operational asset base has grown to
