French retailer Casino agrees exit from renewables firm GreenYellow

French retailer Casino Guichard Perrachon SA (EPA:CO) said today that it has reached an agreement to sell its remaining minority stake in domestic renewable energy company GreenYellow, which it founded in 2007, for net proceeds of about EUR 46 million (USD 49.5m).

GreenYellow offers energy efficiency, solar power and electric mobility services globally. It had over 1,320 solar parks totalling 1,360 MWp in operation or under construction at the end of 2023.

Casino agreed to cede control of its former renewable energy division in 2022. That deal valued the business at about EUR 1.4 billion.

The transaction announced on Monday, set to close by the end of the month, concerns a shareholding of 10.15%. It will be acquired by GreenYellow’s majority owner, private equity firm Ardian, and investment bank Bpifrance, which is a minority backer of the targeted business.

The terms of the deal require settlement of all amounts owed between the Casino and GreenYellow. The due sums relate mostly to Casino’s agreement from earlier this year to sell the bulk of its stores in France to domestic peers Groupement Les Mousquetaires and Auchan.

The exit from GreenYellow comes as the latest in a series of divestment agreed by debt-ridden Casino which completed a financial restructuring at the end of March.

(EUR 1 = USD 1.078)

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