France-based Engie SA and GreenYellow formed a new joint venture company, dubbed Reservoir Sun, to accelerate the development of solar photovoltaic self-consumption for businesses and authorities in the country.
The two companies agreed to invest about €100 million annually in the new company, which will be headquartered in Marseille. Reservoir Sun also will have seven more branches in Bordeaux, Toulouse, Valence, Montpellier, Avignon, Lyon and Paris.
The new entity will specialize in solar plants of up to 1 MWc for businesses and authorities, with a goal to develop 100 MWc per year, according to an Oct. 17 release.
The announcement comes as France is looking to develop 1,450 MW of solar capacity by 2019 under a plan announced in 2016, according to Reuters. The French authorities recently approved 392 rooftop solar projects totaling 230 MW under the plan.
GreenYellow, a subsidiary of the French supermarket retailer Casino Guichard-Perrachon Société Anonyme, is a solar actor in the French self-consumption segment and has developed more than 190 MW of solar facilities developed, constructed and in operation.