DIF adds to French solar PV portfolio

Drawing on an existing partnership, Dutch fund manager DIF and GreenYellow, a French renewable energy developer, have added a further four French solar photovoltaic projects to the nine that they already jointly owned.

Through its DIF Infrastructure II fund, Dutch fund manager DIF has acquired an 85 percent stake in a company owning four French solar photovoltaic (PV) projects currently under construction. The projects have been developed by DIF’s French solar PV partner GreenYellow, which has retained a 15 percent stake in the company.

The four projects are being constructed on the rooftops of supermarkets and in car parks belonging to French retailer Casino Group in the south of France. GreenYellow, a designer and promoter of solar power generating systems, is a wholly owned subsidiary of Casino Group.

Located in Pessac, Rodez, Montauban and Marseilles, the projects will be commissioned between now and February next year. Each will have an installed capacity of between 1 to 4 megawatts (MW), with the total capacity of the four being 10.2 MW.

Non-recourse debt financing for the projects has been provided by savings bank Caisse d’Epargne Provence-Alpes-Corse, financial services firm Crédit Mutuel Arkéa and Oséo, a financing provider for French small and medium-sized enterprises.

The closing of the transaction takes the number of French solar PV projects owned in partnership by DIF and GreenYellow to 13, with a total installed capacity of 27 MW.

DIF, which has a portfolio of around €650 million of PPP/PFI and renewable energy assets, in October last year acquired an 8.2 MW solar PV project based in south-west France from juwi ENR, a French renewable energy specialist.

The DIF Infrastructure II fund closed on €571 million in September last year, beating  a target of €500 million after about 20 months on the fundraising trail.