Developer Rubis Photosol has secured €108 million in bank financing arranged by Caisse d’Epargne CEPAC and La Banque Postale. This financing is part of the refinancing of the senior debt for a portfolio of nine photovoltaic installations with a total capacity of 112 MW. Caisse d’Epargne CEPAC had previously co-arranged the initial financing in 2020.
Rubis Photosol praised the “innovative and flexible” financial engineering that facilitated the switch of a large portion of the portfolio to Corporate Power Purchase Agreements (CPPAs) while effectively managing the risks associated with these over-the-counter agreements.
The portfolio, comprising parks built between 2020 and 2022, includes unit capacities ranging from 2 MW to 17 MW and a total annual production of 144 GWh. Notably, a park in Allier is under a CPPA contract for an annual capacity of approximately 28 GWh. Three other assets in the Alpes-Maritimes and Loir-et-Cher are under CPPAs with Data 4, a French operator and investor in the data center sector, for an annual capacity of approximately 70 GWh.
Photosol, founded in 2008, specializes in large ground-based or shaded power plant installations of more than 3 hectares. After joining the Renewables division of the Rubis group in April 2022, Photosol secured €60 million in financing at the end of 2023 for constructing a 67 MWp portfolio. In February, the company expanded its offerings by acquiring Ener 5, an SME based in Tours in the Centre-Val-de-Loire region, enhancing its capabilities in industrial roofs, agricultural buildings, parking shades, storage, and electric mobility.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
