Cork based solar power producer, Amarenco, has raised €150m in new capital.

Asset management and investment firm, Tikehau Capital, contributed to the funding and in the process has become a shareholder of Amarenco Group.

The company's co-founders also took part in the round, as did IDIA Capital Investissement which became a shareholder in Amarenco six months ago.

"This new capital commitment will contribute to Amarenco’s ambitions to have more than 1GW of projects under construction in the coming months and 3GW by 2023 in Europe, APAC and Middle East," said Amarenco’s co-founders Olivier Carré, Nick Howard, John Mullins and Alain Desvigne.

"We have no doubt that the entrepreneurial spirit of Tikehau Capital and its international network will contribute to the achievement of our goals."

Amarenco began a process to raise €3bn at the start of the year, in order to fund growth in Europe, Asia Pacific and the Middle East markets.

It wished to do this while also maintaining the company’s status as independent and founder-led.

Amarenco expects to have more than 1GW of projects under construction next year.

This follows M&A activity in Iberia and in the Asia Pacific region.

Amarenco has its global headquarters in Cork as well as operational hubs in France, Portugal, Austria, Oman, Singapore, Taiwan, Thailand, Vietnam and Japan.