Groupe Casino has announced that it has completed the sale of its renewable energy business, GreenYellow, to Ardilan.
According to a statement issued by the retailer, Groupe Casino’s proceeds from the sale – net of the €165 million reinvestment that it made in the business – amount to approximately €600 million.
‘The group has received today €250 million (of which €30 million paid into an escrow account to be released subject to compliance with certain operational indicators), in addition to the €350 million pre-financing agreed with Farallon Capital on 20 September 2022,’ the retailer noted.
Casino has retained a 15% stake in the business.
Reduction In Energy Consumption
GreenYellow was founded by Casino in 2007, with the promise of offering its customers a means to ‘reduce their energy consumption and carbon impact’ through the installation of solar panels, as well as the establishment of energy performance contracts.
According to a report in French daily newspaper Les Echos, the company operates more than 500 photovoltaic power plants, representing around 930 MW in energy production and 3,100 active energy performance contracts.
The group expects to generate an EBITDA of around €80 million to €85 million this year, with a view to achieving €200 million in profits within five years.
In the second quarter of its financial year, announced at the end of July, Groupe Casino reported an 8.1% increase in sales, driven by a robust performance in Latin America and an improved performance in France. EBITDA went down by 7.8%, at constant exchange rates, to €1.069 billion.