VALOREM and ‘Les Mousquetaires’ signs two Long-Term PPAs, cementing their partnership to accelerate the Energy Transition
VALOREM, an independent operator in green energy, announces the signing of two wind Power Purchase Agreements (PPAs) with Les Mousquetaires Group, a major player in the retail sector. The electricity production from these two wind farms amounts to 57 GWh/year, and it will be sold to Les Mousquetaires Group starting from 2025 for a duration of 20 years.
This signing follows the success of the operation launched in mid-2023 by VALOREM, accompanied by ENVINERGY, to explore the market for PPAs.
In mid-2023, VALOREM initiated an ambitious consultation with market buyers, particularly for two wind projects. This operation, supported by Envinergy’s associate, Elodie Geffray, was successful, with ten of the consulted companies submitting firm offers. This success demonstrates that the PPA model is currently attractive and meets the dual need of producers to find outlets in addition to state-guaranteed price mechanisms, depending on the economic context and project specifics. On the other hand, it addresses the consumers’ need for a stable and competitive supply of renewable energy.
Les Mousquetaires Group and VALOREM: a second collaboration to solidify their partnership in the energy transition
The two companies had previously signed a PPA for the purchase of electricity produced by an agri-PV demonstrator in Les Landes, focusing on the Research and Development aspect of the project and allowing Les Mousquetaires Group to delve into agrivoltaics.
This time, the focus is on the production volume and financial aspects of such PPAs: these first wind PPAs for VALOREM, the 4th and 5th for Les Mousquetaires Group, cover a total of 1.1 TWh over a 20-year period. This electricity will be dedicated to powering Les Mousquetaires Group’s retail outlets, logistics bases, and production units in France.
“We are proud to contribute, through our partnership with Les Mousquetaires Group, to the electricity supply for the Group at a stable and competitive price in the long term. This second collaboration is part of a common will and a shared philosophy. It confirms that our partnership is long-lasting, and other joint projects will emerge.”
Since 2021, Les Mousquetaires Group has been diversifying its electricity supplies by signing multiple Corporate Power Purchase Agreements (cPPAs) (16 cPPAs signed in 2023 with 5 different partners). These new contracts with our partner VALOREM align with our goal of controlling our energy costs and limiting the exposure of retail outlets to energy market price volatility. This approach also aligns with our strategy to decarbonize our activities.
“We are pleased to have supported VALOREM in the negotiation and finalization of these two PPAs with Les Mousquetaires Group, as well as in the negotiation of associated bank amendments. The operation was carried out on an ambitious timeline (7 months) because all discussions were conducted intelligently and constructively between engaged, experienced, and efficient interlocutors at both VALOREM and Les Mousquetaires.”
The signing of these PPAs was also made possible thanks to the trusting relationships with our banking partners who support our projects. VALOREM’s teams would like to express their particular thanks for the commitment of Bpifrance, Unifergie (a subsidiary of Crédit Agricole Transitions & Energies), the Regional Banks of the Crédit Agricole Group, and especially the Regional Bank of Crédit Agricole Aquitaine and LCL.
Additionally, VALOREM would like to thank all the advisors who contributed to the success of this operation: ENVINERGY – PPA and debt advisory, WATSON FARLEY & WILLIAMS – Lenders’ legal counsel, legal audit, and documentation, NATURAL POWER – Lenders’ technical advisor and production review, NOVEO FINANCE – VALOREM hedging advisors.
About VALOREM
As a French independent operator in green energy, the VALOREM Group manages the entire process of renewable energy valorization, from development to operation-maintenance, including project management assistance, construction, or auditing services. A pioneer in wind energy in France with over 460 employees, VALOREM is also present in the French West Indies, Finland, Greece, and Poland. The group has financed over 837 MW and has a portfolio of 5.7 GW of projects in development.
About Les Mousquetaires Group
Founded in 1969, Les Mousquetaires Group brings together over 3,000 independent business owners and 150,000 employees serving the performance of nearly 4,000 proximity stores in France, Belgium, Poland, and Portugal. Leading their outlets, Mousquetaires business owners form a collective of entrepreneurs involved in the socio-economic fabric of their territories. To meet the needs of the Intermarché, Netto (food); Bricomarché, Brico Cash, Bricorama (home equipment); Roady and Rapid Pare-Brise (mobility) brands, the Group has its support services (integrated logistics bases, purchasing services, real estate, etc.) and an agri-food division with nearly 60 factories, all located in France.
More information: www.mousquetaires.com / X Mousquetaires
About Envinergy
Since 1977, Envinergy has been a mergers and acquisitions consulting firm specializing in renewable energies (wind, hydroelectric, and solar), based in Paris and Frontignan. Our team of 24 individuals provides significant expertise in assessment, transaction, and financing. In 2023, Envinergy has successfully completed over 85 financing, transaction, and Corporate Power Purchase Agreement (CPPA) projects.