Rubis completes the acquisition of Photosol

(Boursier.com) — Ruby finalized the acquisition of 80% of Photosol (France), one of the independent photovoltaic energy leaders in France. This acquisition forms the basis for the development of the Group’s activities in renewable energies, alongside its historical activities of energy distribution via the subsidiary Rubis Énergie (Distribution and Support & Services) and storage of liquid products via the JV Rubis Terminal . This new branch of activity should benefit from the strong presence of Photosol in France and the positioning of Rubis internationally.

Photosol is one of the leading independent developers and producers of renewable electricity in France with a capacity of 330 MW in operation, 145 MW under construction, a project pipeline of more than 3 GW at the end of March 2022 and more than 80 employees. Retaining a 20% stake, the founders and directors of Photosol remain committed to the development of the company and pursue the objective of increasing the installed capacity to 1 GW by 2025 and 2.5 GW by 2030, ensuring a compound annual growth of EBITDA1 of 40% over the period 2022-2025.

Payment is made in cash for €385 million for an 80% stake, with 100% consolidation of Photosol’s net debt of €362 million, and a total impact on Rubis’ consolidated net financial debt of 747 ME pro forma 2021.

This acquisition is entirely financed by debt, thus leading to a pro forma net debt/EBITDA ratio of less than 2.5x.

In the short term, the acquisition will not have a significant impact on earnings per share (EPS), but the EBITDA and contribution to Photosol’s earnings will accelerate in the medium and long term.

With this acquisition, the Rubis Group once again confirms its investment strategy to support the organic and external growth of all of its activities.

Distribution strategy confirmed

Rubis confirms a stable dividend policy with a payout ratio above 60%, and medium and long-term dividend growth in line with EPS trends.