RUBiS Energy Jamaica Limited (REJL) is anticipating future growth in the renewables market following moves by parent company, RUBiS Group, to acquire 80 per cent stake in solar energy company Photosol France.

With the impending launch of RUBiS Renewables – a new division of the Euronext listed international energy multinational – the group through this latest strategic investment is seeking to accelerate the integration of renewable energies into its portfolio of offers. In line with its diversification plan, RUBiS through the new division is also aiming to have more than one gigawatt (GW) of installed capacity by 2025 and at least 2.5 GW by 2030.

The £1.2-million deal will allow RUBiS to deepen its business in the renewable energy space as it open doors for the company to supply its markets with photovoltaic or solar panels, which has become a developing market locally and in the Caribbean.

“RUBiS’ strong footprint in Europe, Africa and the Caribbean, combined with the recognised know-how of the Photosol team in France, is expected to open opportunities for RUBiS Renewables to develop and replicate the model on an international scale,” stated Alain Carreau, chief executive officer (CEO) of REJL, in a recent news release.

“Photosol’s management has developed one of the largest independent solar energy companies in France and has an excellent reputation in the market. Both companies share similar culture and values,” he added.

Under the agreement, Photosol’s founders and managers is expected to maintain their 20 per cent combined interest in the company.

Photosol is an independent photovoltaic (solar) energy producer which specialises in large-scale ground-mounted power plants or photovoltaic shelters. The company, established in 2008, owns over 300 megawatt (MW) of operating capacity, 101 MW of under-construction projects, having also an additional 3.4 GW in the development pipeline.

According to RUBiS, the acquisition of Photosol vertically aligns with its management of a network of service stations across the country, also creating an opportunity for the company to broaden its customer base. REJL, which currently operates a number of service stations across the country, supplies advanced fuel technology to retail, commercial and industrial customers under the brand RUBiS Ultra Tec Fuels along with its more advance range of RUBiS lubricant products.

Following the completion of the acquisition, expected by March this year, RUBiS said it will officially move to unveil the Renewables Division, under which it wants to double down in the solar energy market particularly as it seeks to tap new opportunities in African and Caribbean markets.

REJL said it was also committed to reducing carbon emissions by some 20 per cent from its operation by 2030 — an objective it believes is in keeping with the national Integrated Resource Plan (IRP), a policy document crafted by Government and other stakeholders which seeks to guide the development of the local energy sector over the next 20 years.

“These plans are in alignment with Jamaica’s target of achieving 33 per cent of electricity generation from renewables by 2030 and 50 per cent by 2037,” REJL said.