Green Yellow acquires the 50% held by Engie in Reservoir Sun, their joint venture founded in 2018, specialist in solar self-consumption in France. The transaction is “less than 100 million euros”, for an enterprise value of 250 million euros. With this operation, Green Yellow strengthens its offer of services dedicated to energy efficiency, electric mobility…. “There is a real logic of convergence between photovoltaic electricity production, energy efficiency, electric mobility and storage” explains Otmane Hajji, president of Green Yellow.
Reservoir Sun has an installed production capacity of 150 megawatts (MW) in around fifty companies and a project portfolio of 1,200 MW. “The market for self-consumption of electricity is taking off. Companies are increasingly interested in the possibilities of installing solar panels on roofs and on parking lot shades. Our fully funded offers allow us to respond to this logic,” adds Otmane Hajji. This acquisition is part of Green Yellow’s growth strategy. The group is targeting an Ebitda of 200 million euros in five years, compared to 70 million currently.
Otmane Hajji intends to ride the growing demand from companies looking for electricity at attractive and secure prices. He relies in particular on his group’s ability to provide financed projects, a valuable asset in times of rising interest rates. In addition, self-consumption makes it possible to offer attractive prices, since this electricity is not subject to taxes, particularly transport taxes. “The agreement between EDF and the State, with an average price target of 70 euros per MWh, is favorable for two reasons. It repositions the price of energy to its correct value and gives visibility to the sector. This makes things comparable,” explains Otmane Hajji.
