Creation of SUNCNIM

24 Jun. 2015


The SPI Fund, financed by the French government’s Future Investments Program and operated by Bpifrance, announced its
first investment, to be made in SUNCNIM alongside the CNIM industrial group (see the article).Paris,


24 JUNE 2015
The new player in concentrated solar power
Paris,  24  June  2015  –  The  SPI  Fund  (Société  de  projets  industriels),  financed  by  the  French
government’s Future Investments Program and operated by Bpifrance, is pleased to announce its
first investment, to be made in SUNCNIM alongside the CNIM industrial group.
SUNCNIM,  which  will  be  majority-owned  by  CNIM,  will  develop  and  build  turnkey  concentrated
solar power plants for export. As the first investment to be made by the SPI Fund, it will serve to
accelerate the industrial development of thermal solar energy generation, an emerging technology
with the potential to be a global market leader, and thus is fully in line with the Fund’s investment
A  total  of  €55M,  including  contributions  in  kind  of  technology,  will  be  invested  in  SUNCNIM,  of
which €25M will be provided by the SPI Fund. The venture will enable a strong industrial base to
be  created  and  aims  ultimately  to  create  500  direct  jobs  in  France,  as  well  as  generating
considerable indirect employment.
As  a  renewable  energy  producer  using  non-polluting  energy  storage  technology,  SUNCNIM  will
also make a direct contribution to environmental and energy transition.

CNIM  is  an  industrial  company  founded  in  1856  which  designs  and  builds  turnkey  industrial  solutions  with  high technological content and provides research and consultancy services. CNIM is currently France’s market leader in waste-to-energy and biomass-to-energy conversion.
With  its  expertise  in  mechanical  and  thermal  engineering,  CNIM  has  a  long  history  of  pioneering  investments  in research into solar energy production. During the 1980s, CNIM was involved in the construction of the molten salt- based solar receptor at the Thémis power plant at Font-Romeu in the Eastern Pyrenees. In 2010, CNIM brought into service a functioning demonstrator unit at La Seyne-sur-Mer based on proprietary technology using Fresnel mirrors.
This  highly  promising  solar  thermal  technology,  which  provides  thermal  storage  capacity  over  a  period  of  several hours, will be at the heart of SUNCNIM’s market offering.
The  SPI-CNIM  partnership  will  in  particular  enable  SUNCNIM  to  build  a  nine-megawatt  power  station  with  three hours  of  energy  storage  capacity  in  France.  This  will  provide  the  new  company  with  a  significant  reference  point which will be essential for expanding successfully into markets abroad.
As the core activities of CNIM and Bpifrance exceed the revenue limits set under European antitrust rules, their joint
investment in SUNCNIM will be subject to the receipt of approval from the appropriate European body. 
Nicolas Dmitrieff, Chairman of the Management Board at CNIM: “CNIM has been enthusiastic about developing
this highly promising technology which complements our historical skills in thermal and mechanical engineering. We
were looking for a way to speed up our expansion into the fast-growing international market for thermodynamic solar
power with an ambitious partner who respects our traditions and our technological and industrial expertise. We are
therefore especially happy that we can draw on the support of the SPI Fund to develop this joint venture.”
Magali Joessel, SPI Fund Director at Bpifrance: The SPI Fund is pleased to be making this investment alongside
CNIM,  a  respected  industrial  player.  This  measure  taken  by  the  Future  Investments  Program  opens  up  new
prospects for industry in the renewable energy field and thus makes a contribution toward sustainable development.
The business plan and the technology employed present a major opportunity to create jobs at the La Seyne-sur-Mer
site and open up significant prospects for export sales.

About CNIM
CNIM designs and builds turnkey industrial facilities with high technological content and delivers expertise, services and plant operation  in  the  environmental,  energy,  defense  and  industrial  fields.  CNIM  acts  as  a  project  leader  and  sells  and  markets equipment worldwide.
CNIM  has  a  stable  family  shareholder  base  that  guarantees  its  future  development.  The  Group  has  2,900  employees  in 15 countries and achieved revenues of EUR 790.8 million in 2014, of which 67.5% were from exports. CNIM is listed on Euronext Paris.
For more information, go to: – Twitter: @CNIM_Group

About the SPI Fund – Société de projets industriels
Managed by Bpifrance on behalf of the French government as part of the government’s Future Investments Program,  the SPI
Fund aims to provide development support to industrial projects that offer the best prospects for business and employment in
their industries.
The Fund acts as an equity investor in special-purpose project companies for industrial development projects selected on the basis
of  their  growth  potential,  the  current  status  of  the  industry  and  their  contribution  to  ecological  and  energy  transition.  It  thus
constitutes one of the financial levers of the New Industrial France strategy.

About Bpifrance
Bpifrance, a subsidiary of the state-owned Caisse des Dépôts, is a trusted partner of business and provides loans, guarantees
and  equity  funding  to  assist  companies  from  start-up  to  stock  market  listing.  Bpifrance  also  provides  assistance  and  support
services to underpin innovation, external growth and exports in partnership with Business France and Coface.
Bpifrance offers businesses a continuum of finance provision at each key stage of their development, with services catered to
specific regional circumstances.
With 42 regional offices (90% of decisions are taken regionally), Bpifrance is a key instrument for economic competitiveness that
works  in  service  of  business.  Bpifrance  acts  in support  of  government  and  regional  policies  toward  the  achievement  of  three
• Supporting business growth;
• Laying the ground for future competitiveness;
• Contributing to the development of a pro-business environment.
With Bpifrance, businesses benefit from a capable, efficient and close contact which responds to all of their financing, innovation
and investment needs.
For more information, go to: www.bpifrance.fr – Twitter: @bpifrance