Energy operator Rubis is all set to acquire an 80% stake in French renewable energy developer Photosol for a cash consideration of $422m (€376m).

The remaining 20% stake in the company will be held by Photosol’s founders and managers who will support the future growth and developments of the business.

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The fully debt financed deal is expected to close in the first quarter of next year and will enable Rubis become an integrated multi-energy group.

Additionally, the acquisition will help Rubis to fast-track its transition efforts towards renewable energies and decarbonation.

Rubis has also announced the creation of a new division called Rubis Renewables, through which the company aims to achieve over 1GW of installed capacity by 2025 and expects to own and operate at least 2.5GW by the end of this decade.

Rubis Renewables is expected to add $28m (€25m) to Rubis’ EBITDA next year, with a growth expected to be around 40% per annum during 2022-2025.

Rubis managing partner Jacques Riou said: “Through this acquisition Rubis takes strategic step towards diversifying into renewable energy, following our cooperation with HDF Energy in June 2021.

“Photosol management has developed organically one of the largest independent solar energy company in France and has an excellent reputation in the market.

“Following this acquisition, Rubis will maintain solid financial structure and continue with its shareholder friendly dividend policy while investing in organic and external growth opportunities.”

Photosol has expertise in large-scale ground-mounted power plants and has a portfolio of more than 400MWp capacity in operation and under construction. It has a 3.4GW of pipeline as of this year.