French renewable energy company NW Groupe raises 300 million euros

PARIS (Reuters) – French renewable energy company NW Groupe said it had raised 300 million euros ($315 million) for its NW Storm arm, as France builds up its renewable power sector to reduce its reliance on Russian energy following Russia’s invasion of Ukraine.

NW Groupe added on Wednesday the fundraising meant NW Storm, which handles electricity storage facilities, was now valued at 1.5 billion euros. Investment company RGreen Invest subscribed to the fundraising, NW Groupe added.

Major Western powers such as France are looking to cut down on Russian sources of energy in an attempt to derail the Russian economy following its invasion of Ukraine.

Earlier this week, French President Emmanuel Macron told a summit of the Group of Seven (G7) wealthy nations that leading countries had to continue with climate change and environmental goals, despite current pressures on energy markets.

($1 = 0.9517 euros)

(Reporting by Sudip Kar-Gupta; Editing by Mark Potter)