PARIS, FRANCE: Rubis Group has announced strategic acquisition of 80% of Photosol France to accelerate the transition to renewable energies and decarbonation.
The price for the acquisition of the 80% of Photosol France shares will be €376 million subject to customary adjustments at closing.
In June 2021, Rubis Group initiated its diversification towards less-carbonised energies with the industrial and financial collaboration with Hydrogène de France, a world pioneer in hydrogen-electricity generating continuous or “on-demand” hydrogen-fueled power from renewable energy sources (wind or solar) combined with multi-megawatt fuel cells.
Rubis Group strong international footprint, combined with the recognized know-how of the Photosol team in France, will open opportunities for Rubis Renewables to develop and replicate the French model on an international scale. This should be especially the case in Africa – the continent with growing population and still significant part of it without access to electricity.
Photosol France is one of the last independent French renewable IPP. The company is very well positioned to seize the opportunity in the solar energy market.
Photosol France has identified pipeline of c. 3.4 GW. It owns 313 MW of operating capacity and 101 MW under construction. And it ranks as one of the leading independent player in terms of megawatts won on CRE tenders over the last 10 auctions in France.
Jacques Riou, Rubis’ Managing Partner: “Through this acquisition Rubis takes strategic step towards diversifying into renewable energy, following our cooperation with HDF Energy in June 2021. Photosol management has developed organically one of the largest independent solar energy company in France and has an excellent reputation in the market.
Both companies share same culture and values. Following this acquisition, Rubis will maintain solid financial structure and continue with its shareholder friendly dividend policy while investing in organic and external growth opportunities.”
Clarisse Gobin-Swiecznik, Rubis’ Managing Director: “The combination of Rubis know-how with the specific skills of Photosol teams will allow us to develop new projects and become a leader in France regarding both ground-mounted and rooftop plants. We are extremely pleased to welcome a talented management team as well as developers within Rubis, both companies aiming to offer more sustainable solutions to the market.”
Robin Ucelli, David Guinard and Benoit Farines, respectively Founder – President and Founder – CEO and Deputy CEO of Photosol, stated: “We are excited to join Rubis Group with its entrepreneurial culture, strong international presence and growth ambitions. We have been impressed by the similarities between Rubis and Photosol in the way both companies have developed focusing on the niche segments. The management team looks forward to working closely with Rubis to develop and expand footprint and create more value to all our stakeholders.”
Leave a Reply