MADRID (Reuters) - French solar power group Photosol has hired BNP Paribas to launch a sales process that could be worth at least 500 million euros ($582.9 million), two sources familiar with the matter told Reuters.
The company has sent out preliminary information to prospective bidders dubbing the project "POTUS" - a nod to U.S. President Joe Biden and his green agenda - according to a document seen by Reuters.
Photosol develops, operates and maintains solar parks in France and the United States and its investors are open to selling full control, the sources said, speaking on condition of anonymity as the matter is confidential.
Photosol and BNP did not respond to requests for comment.
Founded in 2008, Photosol will operate solar plants with capacity of 431 megawatt peak (MWp) in France by the end of 2022 and expects to commission 3.2 gigawatt peak (GWp) of capacity over the coming six years.
It also has a pipeline of projects totalling 8.4 GWp capacity, including storage, in the United States, the document said.
The Paris-based firm is valued at about 500 million euros, and interested parties are expected to submit non-binding offers as soon as next week, the sources said.
Investors worldwide are hungry for renewable energy assets to help bolster their environmental, social and governance (ESG) credentials, and traditionally fossil-reliant energy companies are buying companies in the space as they look to lower their carbon emissions.
In line with European Union efforts to shift to renewable energy sources, France is introducing a scheme worth 30.5 billion euros to support the installation of new solar, onshore wind and hydroelectric plants.
Meanwhile in the United States, President Biden’s green agenda has helped lure European energy firms, including BP and Spain’s Repsol, who have both invested in solar projects there this year.
($1 = 0.8579 euros)
Reporting by Isla Binnie; Edited by Pamela Barbaglia and Jan Harvey