Rubis Photosol receives loan for the construction of 67 MW solar parks in France

French independent power producer (IPP) Rubis Photosol has secured financing for the construction of a 67-MW portfolio of solar projects in France, the company announced last week.

Three French banks -- Bpifrance, BRED Banque Populaire and Credit Industriel et Commercial -- pooled a total of EUR 60 million (USD 66.1m) to bankroll the effort.

The borrowing will support eight projects ranging from 2 MW to 20 MW located in the municipalities of Bellac, Mainzac, Belves 1, Belves 2, Marillac 1, Marillac 2, La Rochefoucauld and Pranzac. Two of them, in Bellac and Mainzac, benefit from power purchase agreements (PPAs) that Rubis Photosol signed with gardening retailer Leroy Merlin earlier this year, the IPP said.

Rubis Photosol is the developer and owner of the portfolio, which is currently under construction. The firm will also be in charge of operation and maintenance once the solar farms go online.