Energy: Rubis acquires photovoltaic energy producer Photosol

The French group Rubis, which specializes in the storage and distribution of petroleum products, announced on Friday the acquisition of a majority stake in the capital of photovoltaic energy producer Photosol France, accelerating its transition to renewable energies.

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Rubis will buy 80% of the capital of Photosol for 376 million euros from the founders and managers of the company who will retain a minority stake, indicates a press release from Rubis.

Following this transaction, which should be finalized during the first quarter of 2022, Rubis will create a new division called “Rubis Renewables”. It is expected to reach over one gigawatt (GW) of installed capacity in 2025 and over 2.5 GW by 2030.

Photosol, which has 313 megawatts (MW) of operational capacity and 101 MW under construction, will contribute €25 million to Rubis' EBITDA in 2022.

Thanks to this acquisition, "Rubis is taking a strategic step towards the transition to renewable energies", commented Jacques Riou, group leader, quoted in the press release.

"Rubis' know-how combined with the expertise of the Photosol teams will enable us to develop new projects and become a leader in France in solar power plants installed on the ground or on the roof", added Clarisse Gobin- Swiecznik, Deputy CEO of Rubis.

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Rubis began its diversification towards cleaner energies in June 2021, by taking a stake in Hydrogène de France, a company specializing in infrastructure for the production of electricity from hydrogen from renewable energies.