Rubis to acquire 80 percent of French solar developer Photosol

Rubis SCA, a French energy company, has agreed to buy an 80 percent ownership in Photosol SAS, a domestic solar project developer, and power producer, for EUR 376 million in cash.

The target entity has 313 MW of operational capacity, 101 MW of projects under construction, and 3.4 GW in the development pipeline.

Rubis, which stores, distributes, and sells petroleum, liquefied petroleum gas (LPG), food, and chemical products, said the acquisition is in line with its aim to accelerate the transition to renewable energy and decarbonization while also diversifying its company. It plans to finance the purchase entirely with debt and expects to close it by the end of March 2022.

On a pro forma basis for 2021, the purchase will have a total impact of EUR 770 million on Rubis' consolidated net financial debt.

Photosol's founders, Robin Ucelli and David Guinard, as well as management, will retain a combined 20 percent equity in the company, according to the deal.

“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,” said Jacques Riou, Rubis' managing partner.

Rubis, based in Paris, is launching a new division called Rubis Renewables that will focus on renewable energy production as part of its diversification strategy. By 2025, the unit hopes to have more than 1 GW of installed capacity, and by 2030, at least 2.5 GW.

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