Rubis Photosol Secures €39m for French Solar Pair

• Rubis Photosol locks €39m to build two 46 MW French solar parks, proving disciplined, shovel‑ready PV blocks with bankable offtake still clear lenders amid tight equipment and higher rates.

Rubis Photosol secured €39 million in debt to build two French solar parks totaling nearly 46 MW, pushing shovel-ready assets forward amid a tight equipment market. Lenders remain receptive to standardized PV blocks with bankable offtake, realistic CODs, and evidence of long-lead equipment reservations and interconnection progress.

The projects are expected to use high-efficiency modules, single-axis trackers where suitable, string inverters, and grid-code-compliant controls, unified by SCADA with string-level telemetry for predictive maintenance. Siting near strong grid nodes and meeting environmental permit measures are central. The deal preserves Rubis Photosol’s construction cadence and underscores that disciplined mid-sized portfolios can clear despite higher rates.

What technical and bankability factors secured Rubis Photosol’s €39m for two French parks?

• Investment-grade offtake: either CRE-awarded feed-in remuneration or long-term corporate PPAs with robust step-in rights and change-in-law protections
  
• Proven EPC structure: single-point wrap or tightly managed multi-contracting with interface matrices, liquidated damages for delay and performance, and parent company guarantees
  
• Independent engineer sign-off on P50/P90 energy yield with multi-model validation, on-site met data correlation, and loss factor granularity (soiling, clipping, availability, curtailment)
  
• Conservative debt sculpting to P90 with DSCR headroom, DSRA funded at close, and maintenance/major overhaul reserves
  
• Module bankability: Tier-1 suppliers with IEC 61215/61730 certifications, extended linear performance warranties, serial defect insurance, and factory audits/PAN-file validation
  
• Tracker and structural reliability: Eurocode-compliant designs, wind tunnel validation, stow strategies, snow-load verification, and corrosion protection aligned to site class
  
• Grid compliance package: certified capabilities for reactive power, ramp-rate, frequency/voltage ride-through, RfG compliance testing, and pre-accepted protection settings with the DSO/TSO
  
• Interconnection maturity: executed grid connection agreements, posted guarantees, detailed commissioning studies (including short-circuit and harmonic assessments), and energization slots reserved
  
• Inverter and BOP redundancy: N+1 string inverter architecture, spare parts strategy, and fast-swap service kits to protect availability
  
• SCADA and telemetry: string-level monitoring, predictive analytics, cybersecurity aligned with IEC 62443, and remote operations readiness with clear KPI dashboards
  
• O&M contract with availability guarantees and PR targets, backed by LDs, response-time SLAs, and vegetation/soiling management plans
  
• Construction readiness: geotechnical surveys, flood/drainage designs, traffic and crane plans, and firm delivery windows with logistics contingencies
  
• Environmental and social compliance: finalized permits, biodiversity mitigation and monitoring, archaeological clearances, and community engagement records
  
• Curtailment and congestion analysis embedded in the financial model, with node-level historical data and curtailment caps reflected in downside cases
  
• Sensible technology choices for latitude and terrain (e.g., bifacial yield studies with albedo measurements and backtracking algorithms validated in IE review)
  
• Insurance program in place: construction all-risk, delay-in-start-up, third-party liability, environmental liability, and operational property/business interruption
  
• Price and FX risk controls: fixed-price supply and EPC schedules, currency hedges for imported equipment, and indexed escalation handled in model sensitivities
  
• Contingency and schedule buffers: explicit CAPEX contingency, weather allowances, and phased commissioning to de-risk COD
  
• Acceptance and performance testing: IV-curve/IR tests, IEC-compliant commissioning, reactive/active power tests, and provisional-to-final acceptance milestones
  
• Governance and reporting: lender’s technical advisor monitoring, monthly progress certificates, and covenant package with early-warning triggers
• Decommissioning and end-of-life: funded reserve or bond, recycling pathways for modules per French WEEE compliance, and clear land restoration obligations