French national investment bank Bpifrance and France-based asset management and investment group Tikehau Capital have agreed to invest €150 million in solar company GreenYellow, a subsidiary of French mass-retail company Groupe Casino.
“The €150 million investment will enable GreenYellow to accelerate its next development phase in France and internationally, through a number of planned energy transition schemes,” Tikehau said in a press release.
Upon completion of the transaction, Tikehau Capital and Bpifrance will jointly own around 24% of GreenYellow capital. The financial details of the deal were not disclosed.
GreenYellow recently joined forces with France’s energy giant Engie by creating a common subsidiary that will be primarily active in the development, construction, operation and maintenance of PV power plants. The unit will be specifically dedicated to solar production for B2B.
GreenYellow was established by the Casino Group in 2007. In 2016, the company obtained authorization to implement the sale of power to final clients and power providers through its subsidiary, Greenyellow Vente d’Énergie. It has mainly deployed solar projects in France’s mainland and overseas territories, and in French-speaking Madagascar.