Renewables developer Q Energy has closed on €50.4 million ($55.7 million) in financing for a 74.3-MW floating solar plant in northeastern France. Construction is already underway, with start-up planned for the first quarter of next year.

Q Energy based in Berlin raised €50.4 million for a 74.3 MW floating solar power plant. The project is set to be the largest of its kind in Europe.

The financing was arranged by Crédit Agricole Transitions & Energies, through its financial arm Unifergie, and Bpifrance.

Construction is already underway on the floating solar system, which will span 127 hectares of former gravel pits in a quarry in the Haute-Marne department in northeastern France. In September 2023, Q Energy said it would take 18 months to complete construction.

The work will include the installation of 134,649 solar modules on floats. Once completed, the system will provide electricity to 37,000 residents. Initial launch is planned for the first quarter of 2025.

“We are very grateful for the great trust and commitment of our financial partners in this project,” said Ludovic Ferrer, Commercial Director of Q Energy France. “Together, we are taking one of the most innovative clean energy technologies to a new level and giving a further boost to renewable energy in France.”

Q Energy says it has 2.3GW of completed renewable energy assets in its portfolio and expansion plans in excess of 15GW.

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