French retail group Casino is selling GreenYellow, its green energy division. Casino hopes to raise at least 1.5 billion euros for the company and thus reduce its debts.
Solar energy specialist
Casino is ready to say goodbye to GreenYellow, a subsidiary that produces renewable energy and helps companies reduce their energy consumption. The French retailer is putting the company up for sale in the hope of raising at least 1.5 billion euros. Casino owns 72.3% of GreenYellow, but other shareholders are also reportedly willing to sell their shares.
Total and Engie are said to be interested in the company, but there are no binding offers yet. Offers are expected in early June, according to Le Figaro. Casino was initially thinking of taking GreenYellow public, but changed its mind before the summer of 2021. Although the supermarket group’s sales are rising, the company is burdened by high debt. The sale should help reduce this.
GreenYellow, meanwhile, is also busy with an internal transformation: the company has been looking to sell its consumer business since January and raised 200 million euros in growth funds in February. The solar energy specialist wants to focus on the B2B market and mainly install solar panels on company roofs. This market is said to be more profitable.