Photosol joins the Rubis Group
The French group Rubis, a specialist in energy distribution and storage, announced on Friday, December 17, 2021, the acquisition of 70 to 80% of Photosol’s capital. This operation is expected to be concluded in the first quarter of 2022. Photosol will join the new division of the group, Rubis Renewables, dedicated to the development of renewable energy; this division aims for more than 1 GW of installed capacity by 2025, with the ambition of owning and operating at least 2.5 GW of solar plants by 2030.
Thirteen years after its creation, this acquisition marks a new milestone in Photosol’s history: it will allow the company to accelerate its development in France, where it already has more than 400 MWc in operation and under construction, and a pipeline of over 3 GWc in projects currently being developed.
Photosol reaffirms its ambition to contribute to meeting government commitments regarding renewable energy, including the objectives set by RTE in its October 25, 2021 report, while staying true to its principles: protecting biodiversity, respecting food sovereignty through agrivoltaic farming, and safeguarding public finances by contributing to bringing the cost of photovoltaic electricity closer to market prices.
A few months after the publication of the latest IPCC report on August 9, 2021, this merger between Rubis and Photosol reflects a shared desire to play a major role in the success of the energy transition, not only in France but also in all geographies where the Rubis group is already present.
Jacques Riou, Managing Director of Rubis: “With this acquisition, and after our investment in HDF Energy in June 2021, Rubis takes a strategic step toward the transition to renewable energy. Photosol’s management has developed one of the largest independent solar energy companies in France and has an excellent reputation in the market. Both companies share a culture and common values. After this acquisition, Rubis will maintain a solid financial structure and continue its dividend policy favorable to shareholders while continuing its organic and external growth investments.”
Clarisse Gobin-Swiecznik, Deputy CEO of Rubis: “Rubis’ expertise combined with Photosol’s teams will allow us to develop new projects and become a leader in France in ground-mounted and rooftop solar plants. We look forward to this future collaboration with a talented management team and developers; both companies aim to offer more sustainable solutions to their clients.”
The founders and leaders of Photosol will retain their positions and a significant share of the company’s capital alongside Rubis, reaffirming their confidence in the joint project and their commitment to this fight for ecological transition. Photosol will also retain its current operational model, maintaining its teams and development strategies that have been crucial to the company’s success – making it one of the leaders in its sector – while benefiting from Rubis’ support and synergies with its various subsidiaries.
Robin Ucelli, David Guinard, and Benoit Farines, respectively President, CEO, and Deputy CEO of Photosol, state: “We are excited to join the Rubis group, with its entrepreneurial culture, strong international presence, and growth ambitions. We have been impressed by the similarities between Rubis and Photosol in how both companies have developed by focusing on niche segments. The management team looks forward to working with Rubis to continue Photosol’s growth, creating value for all our stakeholders.”
About Photosol
Founded in 2008, Photosol is a photovoltaic energy producer specializing in large ground-mounted solar plants or canopies larger than 3 ha. In 2021, the group has a portfolio of more than 400 MWc in operation and construction, spread across around fifty plants, and a development pipeline of 3 GWc. Photosol focuses on the rehabilitation of brownfields and the creation of large projects combining agriculture and photovoltaics, for which the group has a dedicated team. In total, the group has around 100 people specialized in the development, acquisition, financing, operation, and maintenance of solar plants. Its headquarters in Paris is complemented by maintenance centers in Arcachon, Moulins, and Romorantin/Salbris.
About Rubis
Founded in 1990, Rubis is an independent French operator in the energy sector, listed on Euronext Paris, recognized for its expertise and the quality of its services. The group specializes in energy distribution and bitumen from sourcing to the end customer.
Its mission is to provide the greatest number of people with regular and reliable access to energy to meet essential needs such as mobility, cooking, and heating, as well as to supply the energy necessary for industry and professionals.
With more than 4,000 employees, the group operates in 41 countries across three geographic areas: Africa/Indian Ocean, the Caribbean, and Europe. Its decentralized organization allows it to operate its activities closely with local challenges.
Aware of the current climate challenge, Rubis seeks to develop activities with lower carbon footprints and became the second-largest shareholder of HDF in June 2021, convinced of the potential of hydrogen-electricity, particularly in the countries where the group is already present. Rubis is also a signatory of the United Nations Global Compact.
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About Mobexi
Founded in 2018, Mobexi is a company that develops and constructs photovoltaic installations on all types of rooftops (agricultural buildings, renovation of existing rooftops, parking canopies). Located in Gers, Mobexi has a team of 20 specialists in the design, execution, and maintenance of turnkey solar plants.