GreenYellow has raised additional funds of around €200 million to support its growth, the energy business of French retailer Groupe Casino has said.
GreenYellow, which last year said it was considering a stock market listing, produces low-cost electricity and helps lower companies' power consumption.
It raised €109 million via five-year convertible bonds with warrants attached subscribed by a U.S. institutional investor Farallon Capital, and further €87 million through a one-year syndicated credit facility.
The funding would accelerate the company's transition to an 'infrastructure' model as it aimed to become a world leader in decentralised energy, GreenYellow President Otmane Hajji said in a statement.
'Seize All Opportunities'
“We are proud to see these financing transactions come to fruition with Farallon Capital and leading financial institutions," he said.
"This confirms the strength of our platform to seize all the opportunities related to the energy transition. These financings make it possible to accelerate the deployment of our full growth potential and our transition to a so-called "infrastructure" model, to achieve our ambition of becoming a world leader in decentralized energy tomorrow."
The unit's earnings before interest, tax, depreciation and amortisation (EBITDA) for the first half of 2021 rose 40% year-on-year to €36.5 million, it said in July, adding it expected EBITDA of €80 million to €85 million for the year, and around €250 million by 2025.
At that time, GreenYellow said it aimed to expand into Eastern Europe, particularly Poland, Hungary and Bulgaria, where it had signed a partnership for 4 MWp solar project, which will become the largest self-consumption solar power plant in the country.
Read More: Groupe Casino Extends Partnership With Tech Firm Ocado
News by Reuters, edited by ESM. For more Technology news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.
