November 2020 - Astris Finance advises Ardian and Solarpack on a Brownfield Refinancing of Three Solar PV Assets in Peru

November 2020 - Astris Finance congratulates its clients Ardian and Solarpack on the strategic refinancing of the Tacna, Panamericana and Moquegua assets, unleashing free cash for future investments at Ardian and Solarpack level while further enhancing equity returns on the three existing assets.

Astris served as exclusive financial advisor for the refinancing process which consisted of three separate asset level facilities for a total non-recourse, fully-amortizing debt of USD 212.6 million and non-recourse debt service reserve letters of credit of USD 12.5 million. The refinancing was closed with three international commercial banks, BNP Paribas, Societe Generale and Sumitomo Mitsui Banking Corporation. The original lender to the three assets was the Development Finance Corporation, previously known as the Overseas Private Investment Corporation.

“Astris Finance was involved in the original financings for these assets when the renewable sector in Peru was relatively new so we are honored to have also participated with Ardian and Solarpack in the recent commercial refinancings, demonstrating the strong market appetite for the country and the sector,” commented Tobey Collins, Astris’ Head of Energy for the Americas. Ignacio Artacoz, Executive Chairman of Solarpack, said “We are pleased with the value for our shareholders created by these refinancings” and Emilio Andrade, Director in the Ardian Infrastructure team, complemented “In spite of challenging market conditions in 2020, we were able to close this accretive transaction for key assets in our LatAm portfolio.”

The refinancings extended the debt maturity by 2 to 4 years depending on the asset while taking advantage of current interest rates levels and additional competitive economic terms from the new Lenders. The transaction achieved an initial  closing in November and will be fully closed by year-end.