Voltalia Announces Proposed €120 Million IFC Investment to Support Renewable Energy Expansion

French renewable energy company Voltalia has reached a substantial agreement with the International Finance Corporation (IFC), a member of the World Bank Group, for a proposed investment of up to €120 million in preferred shares of its subsidiary, Voltalia Management International B.V. (VMI).

The long-term investment is designed to support the construction of new renewable energy assets and strengthen Voltalia’s funding capacity as the company advances its growth strategy. The preferred shares would be convertible into new ordinary shares of Voltalia under limited circumstances.

Subject to shareholder approval and final approval from IFC, the investment would be implemented in two tranches. The first tranche would amount to €75 million, while the second could provide up to €45 million. Each tranche could be drawn in one or more instalments, depending on Voltalia’s funding requirements, the performance of its activities and agreed contractual conditions.

The proceeds would be used exclusively for projects meeting eligibility criteria agreed with IFC, with a particular focus on photovoltaic solar and battery energy storage systems (BESS). The funding is expected to support renewable energy assets to be constructed and operated during the 2026–2028 period.

Under the proposed terms, IFC would receive a base remuneration of 6.5%, which could be paid through periodic dividends or capitalised. The remuneration would be subject to upward adjustments from the fifth and seventh anniversaries of the signing, as well as an adjustment linked to the achievement of sustainability performance targets.

The preferred shares would have redemption rights under defined circumstances but no predefined mandatory repayment maturity. IFC would also have the right to convert the preferred shares into new ordinary shares of Voltalia in the event of specified defaults or, in any case, from the seventh anniversary of the subscription agreement.

The conversion ratio and maximum number of ordinary shares that could be issued will be determined shortly before the agreement is signed and disclosed in the notice convening the shareholders’ meeting. Any shares issued upon conversion would rank equally with Voltalia’s existing ordinary shares and would be listed on Euronext Paris.

Voltalia said the proposed transaction would diversify its funding sources and provide additional long-term capital while maintaining a balanced financial structure. It also marks an expansion of the company’s partnership with IFC across its international markets.

The transaction remains subject to approval by Voltalia shareholders at a General Meeting scheduled for September 17, 2026, as well as final approval from IFC before the agreement is signed. The resolutions and conversion terms published with the shareholders’ meeting notice may also be amended before the final convening notice is issued.

Robert Klein, CEO of Voltalia, said the proposed investment would strengthen the company’s ability to execute its next phase of disciplined growth while supporting the development of renewable energy projects across selected markets.