European infrastructure fund Marguerite II has partnered with French local utility Groupe Sorégies to invest €40 million ($44.9m) in solar plant producer ZE Energy.

Marguerite II will invest in the solar plant alongside historical shareholders Demeter, HTGF, EverWatt, and ZE Way Invest.

ZE Energy constructs and operates hybrid solar-plus-storage power plants and was founded in 2019 by current CEO Mathieu Lassagne, along with an experienced team of former Solaire direct managers.

Marguerite II will become the largest shareholder in ZE Energy following this transaction.

The investment aligns with Marguerite’s strategy of financing pioneering business models in the renewables sector.

Guillaume Rivron, partner at Marguerite, said: “The founding team led by Mathieu Lassagne has succeeded in creating a value proposition that is highly relevant to the PV and electricity sector, meeting the need for flexibility and reliability of supply through innovative marketing contracts.”

Marguerite II was launched in 2017 and has a value of €745 million ($835.7m).

Advisers to the buyer were:

• Astris – M&A
• PwC – financial and tax
• Linklaters – legal
• Baringa – commercial
• Marsh – insurance
• Arup – technical

Advisers to the seller were:

• Gotttengreen – financial 
• Jeausserand Audouard – legal 
• SVZ SEkri Valentin Zerrouk – legal