France-based energy giant and the unit of the French conglomerate Casino have obtained approval from the European Commission for the creation of a new common unit specializing in the development of solar projects for self-consumption.
The European Commission has announced in a press released that it has approved the creation of a common subsidiary by France’s Engie and GreenYellow.
“The joint venture will be primarily active in the development, construction, operation and maintenance of photovoltaic power plants,” the EC specified in its statement. “The Commission concluded that the proposed concentration did not create concerns for free competition, given the horizontal overlaps and the very limited vertical relationships between the business activities of the two companies,” it also said.
In its investor presentation published in June, the Casino Group, which is the parent company of GreenYellow said that the creation of the common subsidiary with Engie was “dedicated to solar production for B2B, which will significantly increase GreenYellow’s revenues,” without adding more details on the operation. At that time, GreenYellow, which was defined by Casino as an affiliate specialized in solar energy and energy efficiency solutions, had 150 MW operating facilities and 1,200 active contracts.
In the first half of 2018, Casino Group recorded sales of €17.8 billion and a net profit of €48 million. The French conglomerate is active in the retail industry in France and in global food retail markets, with more than 12,000 stores worldwide – in France, Latin America and in the Indian Ocean.
GreenYellow was set up by Casino Groupe in 2007. In 2016, the solar unit obtained authorization to implement the sale of power to final clients and power providers through its subsidiary Greenyellow Vente d’Énergie. The company has mainly deployed solar projects in France’s mainland and overseas territories, and in French-speaking Madagascar.
Engie, for his part, keeps expanding its activities in the solar sector. In France’s latest tender for large-scale solar, the French group was able to secure the largest share of the 727.9 MW awarded.
Source PV Magazine