Crédit Industriel et Commercial (CIC) is supporting Rubis Photosol in the implementation of a €60 million bank financing for the development of a portfolio of 8 photovoltaic parks with a total capacity of 67 MW, including the first two PPAs of Photosol.

With individual capacities ranging from 2 MW to 20 MW, the portfolio includes the parks of Bellac, Mainzac, Belvès 1, Belvès 2, Marillac 1, Marillac 2, La Rochefoucauld, and Pranzac. They represent an annual production of 84 GWh of 100% renewable electricity, covering the annual consumption of approximately 38,200 people (excluding heating), equivalent to a city like Chartres, Eure-et-Loir (France).

As the owner of all its parks, Rubis Photosol ensures the operation and maintenance of these photovoltaic installations and their operational management. The construction of the facilities has begun. The two parks under a corporate PPA with Leroy Merlin will eventually have a production equivalent to 17% of the annual consumption of the leading home improvement retailer in France.

Through this operation, CIC (lender, Agent, and sole hedging bank) confirms its confidence in Rubis Photosol and its development model, which fully contributes to the objective of the Crédit Mutuel Alliance Fédérale group to be a major player in the energy transition.

"We are very pleased to have closed the year 2023 with this financing, which will allow the construction of these 8 solar parks. With our banking partners, their advisors, and our teams, this new financing confirms the need to accelerate the production of sustainable and competitive electricity. The year 2023 is marked by strong growth for Rubis Photosol in France and Europe; this operation confirms our ability to bring together investors thanks to the quality of our assets and our vision of shaping a sustainable energy future." said David Guinard, CEO of Rubis Photosol.

"We are very pleased to support Rubis Photosol in deploying this portfolio of photovoltaic parks, which includes the first two Corporate PPAs of Photosol. These projects directly contribute to achieving national goals for decarbonized electricity production and represent a key sector for energy transition and for Crédit Industriel et Commercial." said Philippe Schatzlé, Head of Project Finance at CIC.