Independent power producer (IPP) Rubis Photosol has successfully secured EUR 60 million (USD 66.1 million) in financing from three French banks—Bpifrance, BRED Banque Populaire, and Credit Industriel et Commercial. The funds will support the construction of a 67-megawatt (MW) portfolio of solar projects in France, announced the company last week.
The financing will contribute to the development of eight solar projects ranging from 2 MW to 20 MW, situated in the municipalities of Bellac, Mainzac, Belves 1, Belves 2, Marillac 1, Marillac 2, La Rochefoucauld, and Pranzac. Two of these projects, located in Bellac and Mainzac, have secured power purchase agreements (PPAs) signed earlier this year with gardening retailer Leroy Merlin, according to Rubis Photosol.
As the developer and owner of the portfolio, Rubis Photosol is currently overseeing the construction of the solar projects. Additionally, the company will be responsible for the operation and maintenance of the solar farms once they become operational.
The financing arrangement underscores the commitment of French banks to support the expansion of renewable energy infrastructure in the country. Rubis Photosol's solar portfolio contributes to France's renewable energy goals and aligns with the broader global efforts to transition to sustainable and clean energy sources.