France's Groupe Casino Bulks Up Solar-Energy Division
France's Groupe Casino has announced that it has signed an agreement with Tikehau Capital and Bpifrance that will see the two groups commit a capital investment of €150 million into GreenYellow, Casino's subsidiary dedicated to solar energy and energy-efficiency solutions.
This investment is valued at a 24% stake in GreenYellow.
This capital increase will enable GreenYellow 'to accelerate its development in all of its markets in France and abroad, and to benefit from the expertise of Tikehau Capital and Bpifrance in the fast-growing renewable energies and energy-efficiency sectors,' Groupe Casino noted in a statement.
The agreement is expected to be completed by December 2018, subject to competition laws and other considerations.
“We are proud to welcome Tikehau Capital and Bpifrance into our capital, alongside our historical shareholder and client Casino Group," commented Otmane Hajji, CEO of GreenYellow.
“GreenYellow has become, in only ten years, a leading player in the solar photovoltaic and energy-efficiency solutions, both in France and globally. The support and the trust of our two new shareholders will enable us to pursue and accelerate our development, and to accompany more clients in their energy transition,” added Hajji.
GreenYellow was founded in 2007, to work alongside B2B operations in helping them reduce their energy costs, via the development of photovoltaic solutions.
Tikehau Capital is an asset management and investment group that manages €14.8 billion worth of assets. Bpifrance is France's national investment bank, financing businesses through loans, guarantees, equity investments, and export insurances.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.