French solar developers GreenYellow and Reden Solar have raised close to €2bn of debt between them, even as the broader photovoltaic market is reeling from last year's moratorium threats and a new French multi-year energy plan (Programmation pluriannuelle de l'énergie, or PPE) seen as less ambitious than expected. Both want to fund new solar plants and battery storage, mainly in France, plus selective acquisitions, with Reden also refinancing existing projects.
GreenYellow, the rooftop and shading-canopy specialist, announced an €824M revolving credit facility from nine commercial banks, a private debt fund and France's state lender Bpifrance. The group now has more than €800M of five-year revolver capacity, up from €600M, at better terms. It has also signed a €400M senior loan over 20 years for its legacy portfolio. Reden Solar closed €1.055bn the previous week, led by Natixis and Crédit Agricole CIB, including €700M over 15 years to refinance assets and a first-time €250M revolving line.
Both groups benefit from strong sponsors — Ardian backs GreenYellow, Macquarie backs Reden — which reassures banks. But the climate is tightening: Reden has frozen 20 developer hires and plans to expand in Italy, Spain and Germany, since about 90 per cent of its French contracts come from public tenders that are now shrinking. GreenYellow is pivoting towards long-term self-consumption contracts with industrial customers. Source: Les Echos, 27 April 2026, Amélie Laurin.