October 18 (Renewables Now) - French energy group Engie SA (EPA:ENGI) and GreenYellow have created a new firm with the purpose of developing solar projects for self-consumption.
Reservoir Sun, as the new company is named, will be looking to add 100 MWc of capacity per year for businesses and authorities. Its speciality will be solar power systems of up to 1 MWc, installed on rooftops and car parks. The firm expects that EUR 100 million (USD 115m) will be invested each year in the market for medium-capacity facilities.
Engie and GreenYellow have equal ownership shares in Reservoir Sun, which is based in Marseille and plans to open seven other branches in Bordeaux, Toulouse, Valence, Montpellier, Avignon, Lyon and Paris.
GreenYellow, a subsidiary of French retail group Casino Guichard Perrachon SA (EPA:CO), just recently announced raising EUR 150 million from new investors to step up growth in all of its markets in France and abroad. The company has more than 190 MW of decentralised solar facilities developed, constructed and in operation.
(EUR 1.0 = USD 1.150)