MADRID (Reuters) – French solar power group Photosol has hired BNP Paribas to start a sale process that could be worth at least 500 million euros ($ 582.9 million), two sources close to the case.
The company sent preliminary information to potential bidders, dubbing the project “POTUS” – a nod to US President Joe Biden and his green agenda – according to a document seen by Reuters.
Photosol develops, operates and maintains solar farms in France and the United States and its investors are open to selling full control, the sources said, speaking on condition of anonymity as the matter is confidential.
Photosol and BNP did not respond to requests for comment.
Founded in 2008, Photosol will operate solar power plants with a capacity of 431 megawatts peak (MWp) in France by the end of 2022 and plans to commission 3.2 gigawatts peak (GWp) of capacity over the next six years.
It also has a pipeline of projects totaling 8.4 GWp of capacity, including storage, in the United States, according to the document.
The Paris-based company is valued at around 500 million euros, and interested parties are expected to submit non-binding offers as early as next week, the sources said.
Investors around the world are hungry for renewable energy assets to bolster their environmental, social and governance (ESG) credentials, and traditionally fossil-dependent energy companies are buying companies in space as they seek to scale down their carbon emissions.
As part of the European Union’s efforts to switch to renewable energies, France is setting up a € 30.5 billion system to support the installation of new solar, onshore wind and hydroelectric power stations.
Meanwhile, in the United States, President Biden’s green program has helped attract European energy companies, including BP and Spain’s Repsol, both of which have invested in solar projects this year.
(1 $ = 0,8579 €)