French energy operator Rubis has agreed to buy an 80% stake in independent solar PV developer Photosol France for a cash payment of €376m.
Photosol, which has 80 employees in France, owns 313MW of operating capacity, 101MW of under-construction projects and a 3.4GW development pipeline as of 2021.
Euronext Paris-listed Rubis announced it has become an integrated multi-energy group through the acquisition, which is expected to complete at the end of 1Q22 and will be fully debt financed.
Photosol’s founders and managers will continue to hold a 20% shareholding in the business.
Rubis, through its newly formed division Rubis Renewables, aims to reach over 1GW of installed capacity by 2025 and hopes to own and operate at least 2.5GW by 2030.
The division is expected to add €25m to Rubis’ EBITDA in 2022 with expected growth of around 40% per annum over 2022-2025. It aims to achieve this through a €700m debt financed investment plan over the three-year period.
Jacques Riou, Rubis’ Managing Partner, said: “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.”
Robin Ucelli, David Guinard and Benoit Farines, respectively Founder – President and Founder – CEO and Deputy CEO of Photosol, added: “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.”