June 2025 - Astris and Colliers Enter Global Partnership

TORONTO and WASHINGTON, D.C., June 4, 2025 – Astris Finance partners with leading diversified professional services and investment management company Colliers to further expand its global investment banking platform focused on infrastructure and energy transition.

Astris Finance and Colliers (NASDAQ, TSX: CIGI) announced today that they have entered into a definitive agreement under which Colliers will acquire a controlling interest in Astris Finance. Under Colliers’ unique partnership model, the senior leadership of Astris Finance, along with nine senior team members who will become partners, will retain significant ownership in the business. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2025. Terms were not disclosed.

Founded in 2000, Astris Finance has 65 professionals across nine offices in the Americas, Europe, and Asia. The firm provides strategic and transaction advisory services including M&A, project finance, and other long-term capital raising to the world’s leading developers and investors in transportation, renewable energy, power generation and distribution, as well as digital and social infrastructure. Over the past three years, Astris Finance has ranked among the top three financial advisors in the IJ Global Renewables League Tables by number of transactions closed globally -- and first at the European level. To date, the firm has advised on more than 400 transactions totaling over $60 billion in investment.

“Colliers manages more than $25 billion of energy transition and other infrastructure assets through our Investment Management segment and we deliver comprehensive technical design and consulting services to the same sectors through our Engineering segment,” said Elias Mulamoottil, Co-Chief Investment Officer of Colliers. “With Astris Finance, we significantly expand our investment banking capabilities, allowing us to better serve institutional clients and capitalize on the growing global demand for infrastructure that supports urbanization, energy security, and decarbonization.”

“Over the past 25 years, we’ve built Astris Finance into a leading global advisor in the infrastructure and energy transition space,” said Fabrice Henry, Founding Partner and Chief Executive Officer of Astris Finance. “Partnering with Colliers, a global leader in professional services with a strong track record, deep institutional credibility, and long-standing relationships in our sector, is a natural next step in accelerating our growth. Together, we will expand our reach, broaden our advisory capabilities, and unlock new opportunities to serve our clients around the world. We couldn’t be more excited about what lies ahead.”

Astris’s senior partner team, led by CEO Fabrice Henry, will implement the firm’s expansion strategy across the Americas, Europe and Asia Pacific:

• Tobey Collins will leave her role as Head of Americas to become Chief Growth Officer, responsible for steering inorganic growth.

• Romain Papassian will take over as Head of Americas; beyond the consolidation of our leading position in Latin America, he will focus on growing the firm’s presence in the US and Canada.

• Arnaud Germain, our Paris-based Head of Europe, will work with Gonzalo Ruiz, our Madrid-based Head of Southern Europe, to accelerate Astris’s deployment in every large European market, with a renewed emphasis on Germany, Italy and the UK, seeking to replicate our successes in France and Iberia.

• Jean-Marie Boudet will continue as Group COO and will oversee the firm’s operational integration with Colliers. 

Astris Finance Contact
Jean-Marie Boudet
Chief Operating Officer
jean-marie.boudet@astrisfinance.com
 
Colliers Contact
Christian Mayer
Chief Financial Officer
+1 416 960 9500
 
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a global, diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering, and Investment Management – we have a proven business model, an enterprising culture, and a unique partnership philosophy that drives growth and value creation. For 30 years, Colliers has consistently delivered approximately 20% compound annual returns for shareholders, fuelled by visionary leadership, significant inside ownership and substantial recurring earnings. With nearly $5.0 billion in annual revenues, a team of 23,000 professionals, and more than $100 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors, and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
 
About Astris Finance
Astris Finance is an investment banking firm with a 25-year track record in infrastructure and energy transition. Headquartered in Washington, D.C., the company has offices in Mexico, Bogota and São Paulo in the Americas; Paris, Madrid and Munich in Europe; and Singapore and Ho Chi Minh City in Southeast Asia. Astris Finance is currently working as the mandated financial advisor on a pipeline of M&A and financing deals across the Americas, Europe and Asia, representing an aggregate investment of more than US$15 billion in a variety of sectors including renewable and clean conventional energy, transportation, environmental services, digital and social infrastructure.

April 2025 - Astris congratulates its client METLEN on the announcement of the agreement to sell a portfolio of renewable energy assets in Chile

Washington D.C., April 2025 – Astris Finance congratulates its client, METLEN Energy and Metals S.A. (“METLEN”), the Athens-based global renewable developer and EPC contractor, on the announcement of the agreement to sell a portfolio of renewable energy assets in Chile.

METLEN and a wholly owned subsidiary of Glenfarne Asset Company, LLC (“Glenfarne”) have entered into an agreement for Glenfarne to acquire METLEN’s portfolio of solar and Battery Energy Storage System (“BESS”) assets.

The transaction involves operational solar projects with total capacity of 588 MW, combined with co-located BESS facilities with total capacity of 1,610 GWh. Construction for the BESS facilities is ongoing and expected to be completed within the year.

Astris Finance acted as exclusive sell-side advisor to METLEN with respect to the portfolio. Astris assisted METLEN throughout the sales process, which ultimately culminated in the transaction with Glenfarne.  The closing of the transaction is planned to occur when the BESS becomes operational and is subject to the regulatory approvals and fulfillment of customary conditions.

Tobey Collins, Head of the Americas for Astris, commented: “We are delighted to have assisted METLEN in this important asset rotation transaction. The METLEN engagement further showcases Astris’ transactional presence in Chile, in the electricity sector in particular.”

As BESS becomes an integral part of energy markets, this landmark transaction is a testimony to Astris’s positioning as market leader in advisory focused on technologically-diversified renewable platforms across the Americas region.

April 2025 - Astris advises CDPQ in the sale of a transmission asset to Atlantica in Uruguay

Washington, April 2025. Astris Finance congratulates its client CDPQ in the successful sale of a 132-mile transmission line in Uruguay to Atlantica Sustainable Infrastructure Ltd.

The transmission line has been in operation since 2019 and has a lease agreement until 2049 with UTE (Administración Nacional de Usinas y Transmisiones Eléctricas), the state-owned company responsible for the generation, transmission and distribution of electricity in Uruguay.

Astris acted as exclusive financial advisor to CDPQ in the M&A sell-side process. The closing of the transaction demonstrates Astris’ leading position in the Uruguayan infrastructure and energy markets, where we have been active and advised several landmark transactions over the past years.

April 2025 - Astris advises Technique Solaire in the successful raise of a €302m landmark pan-European greenfield financing.

Paris, April 2025. Astris advises Technique Solaire in the successful raise of a €302m landmark pan-European greenfield financing.

Astris Finance congratulates Technique Solaire, a leading independent renewable energy producer, for the raise of a €302m landmark pan-European greenfield long-term debt facility to finance the construction of a portfolio of 341 assets, with an aggregate capacity of 240 MW across France, Spain and Netherlands. The innovative asset mix in the portfolio - multiple jurisdictions, PV technologies, and offtake strategies - attracted very strong market support. This financing is the largest secured by Technique Solaire to date.

The portfolio illustrates Technique Solaire’s unique multi-product expertise in the PV field: agricultural sheds, climate shelters, pheasant breeding rooftops, greenhouses, ground-based and floating projects. A majority of the portfolio’s revenue stream comes from regulated tariffs. The portfolio will be commissioned between 2025 and 2027.

The transaction was arranged by Société Générale, Crédit Agricole Transitions et Energies, and BPI France.
 
Astris acted as exclusive financial advisor to Technique Solaire, achieving a very tight timeline of less than 4 months from structuring to financial close. This transaction is another landmark financing credential for Astris in the European solar PV markets – our 20th in the past 24 months.

April 2025 - Astris Finance Congratulates its Client GreenYellow for the Closing of a Capital Raise for its Asian Business

Paris, April 2025 - Astris Finance congratulates its client GreenYellow, a global leader in distributed energy solutions, for the closing of a capital raise for its Asia business whereby STOA, a French impact investor specializing in infrastructure and renewable energy, and DEG, the German development finance institution, will commit equity capital to dynamic yieldco structure called Yoko.

The Yoko structure, seeded with 189MWp of rooftop solar generation assets located in Thailand and Vietnam, will enable GreenYellow Asia to grow up to 400MWp by the end of 2026, through an elaborate capital injection and reinvestment mechanism.

The development of rooftop solar generation will help Southeast Asian nations on their path towards net-zero. The economies of Thailand and Vietnam are very sensitive to the all-in cost of electricity, and distributed generation is a cost-effective option to reduce carbon emissions.

Nicolas Le Clerc, co-head of Asia-Pacific at Astris Finance, commented: “Project Yoko was a great opportunity for us to take a sophisticated capital deployment scheme which we helped develop in European markets, and adapt it to developing Asia. Even though financial markets have been choppy lately, the commitment and focus of all the parties involved ensured a timely closing.”

Frank Gluck, GreenYellow Asia Pacific CEO, added: “This partnership marks a major milestone for GreenYellow in Asia. With the support of STOA and DEG, we are now ideally positioned to accelerate our growth across the region, bringing clean, reliable energy to more businesses. The Yoko structure gives us the flexibility and firepower to scale sustainably and strategically.”

Fabrice Henry, Astris group CEO, said: “The Yoko transaction further strengthens our relationship with global asset manager Ardian, the controlling shareholder of GreenYellow. It also illustrates the added value a global advisory business such as Astris can create by disseminating best practices across markets. We are happy to be able to support our clients on their growth plans in Southeast Asia with the level of commitment they know us for globally.”

Astris acted as exclusive financial advisor to GreenYellow. Over the past three years, Astris has advised on over ten renewable energy transactions across Southeast Asia – in Vietnam, Thailand, Indonesia and the Philippines.

February 2025 - Astris Finance Congratulates its Client Scatec for the Closing of Sale of a 39MW windfarm in Vietnam

Singapore, February 2025 - Scatec ASA, the southeast Asian arm of Norway-based, global renewable developer Scatec, completed the sale of its 100 percent stake in the 39.5-megawatt (MW) Dam Nai wind farm and the associated operating company in Vietnam to Sustainable Asia Renewable Assets, a utility-scale renewable energy platform of the SUSI Asia Energy Transition Fund.

The Dam Nai wind project is located in the Ninh Tuan province and consists of 15 Siemens wind turbine generators with a total capacity of 39.5 MW.  Dam Nai Wind is one of the very first wind energy projects developed and built in Vietnam in accordance with best international ESG and technical standards.

Astris Finance was selected by Scatec as exclusive sell-side adviser in August 2023. Back in 2018, Astris Finance had advised the original developers and sponsors of the Dam Nai Wind Joint Stock Company, arranging a first-of-its-kind, 17-year, non-recourse debt financing from Vietnamese banks, a first-of-a-kind for a Vietnamese project with an EVN PPA.

Hugo Virag, Managing Director and co-head of Astris Asia Pacific, said: “The Dam Nai wind project is a landmark asset in the Vietnamese renewable market which Astris has been very active since 2018 when we arranged Dam Nai's greenfield debt financing. We are very pleased with the outcome of this 12-month sale process from the launch of the binding offer phase, a short timeframe for an M&A transaction in a challenging environment for operating renewable assets in Vietnam. We are thankful for Scatec’s trust on this deal, and we wish the Dam Nai wind project, its new owner - the renewable energy platform of SUSI Asia Energy Transition Fund - and its operating team a long and happy life!”

February 2025 - Astris Finance Advises on the Sale of Project El Fenazar, a 30 MW Solar PV Asset in Spain

Madrid, February 2025 – Astris Finance is pleased to announce the successful closing of the project El Fenazar, a 30 MW solar photovoltaic (PV) asset located in Murcia, Spain, which has been acquired by GS Inima, a global leader in environmental services specializing in the integral water and energy cycle. The transaction was completed in December 2024.

The project, developed to Ready-to-Build (RtB) status, will integrate bifacial modules and solar tracking technology, optimizing energy generation to reach an expected 60,000 MWh per year, equivalent to the consumption of more than 5,500 households. With all permits obtained, construction is set to commence in Q4 2025 and is expected to be completed within two years, with commissioning planned for 2027.

After a period of slower development due to permitting challenges, low energy prices, and high financing costs, Spain’s renewable energy sector is showing signs of recovery. Investor appetite is strengthening, particularly for high-quality, shovel-ready assets, as European decarbonization targets and improving market conditions help restore confidence. The increasing availability of financing for mature projects and a renewed focus on grid capacity improvements are further supporting this positive momentum.

Astris Finance acted as exclusive financial advisor to the seller, a leading European private equity firm specialized in the energy transition, with over 25 years of experience in the renewable energy sector and a strong presence across Europe with more than €6.3 billion of assets under management. This transaction further strengthens Astris Finance’s track record in Spain’s renewable energy sector, where the firm is currently advising on 8 equity and financing transactions.

January 2025 - Astris Congratulates its Client Greenalia for the Closing of a €97m Renewable Energy Financing in Spain

Madrid, January 2025 – We are pleased to announce the successful closing of the Greenalia Power Spain financing, in which we assisted Greenalia S.A., a 100% renewable energy producer, in securing €97 million funding from Macquarie Asset Management. The transaction confirms Greenalia's strong commitment to clean energy and reinforces its position as a leading independent power producer in the renewable sector.

This structured corporate financing will contribute to the expansion and optimization of Greenalia’s current renewable energy development pipeline of 15.5GW, enabling further investments in onshore wind, biomass, solar photovoltaïc, and storage projects.

The funding is provided by Macquarie Asset Management and its structure aligns with Greenalia’s strategy of leveraging long-term, sustainable capital to accelerate the development of its pipeline across key markets.

Astris acted as exclusive financial advisor to Greenalia. This closing underscores our ability to craft tailor-made financing solutions for the leading renewable energy developers and confirms Astris's expertise in structuring corporate financings and optimized capital structures.

January 2025 - Astris hires Managing Director in Germany

Munich, Germany – January 13, 2025. Astris Finance hires Managing Director in Germany to cover Europe’s largest renewable energy market and wider DACH region (Germany, Austria and Switzerland).
 
Astris Finance, the leading independent financial advisory firm specialized in energy transition, has been increasingly active in Western Europe since it opened its Paris office ten years ago and its Madrid office five years ago. In the European renewable sector, Astris has managed more than 150 transactions, both in the debt financing space where the firm has raised in excess of € 10bn of senior, mezzanine and Topco debt, and in the M&A space where the firm has managed c. 70 processes across ten European countries. A key differentiating success factor of Astris is the holistic advisory approach across the whole capital structure combined with deep sector knowledge and the understanding of local markets. For the past three years, we have ranked #1 in the IJ Global League Tables for European Renewable Energy Financial Advisory by number of deals closed.
 
Among the recent transactions closed by Astris in Germany is the c. € 150m senior debt raise for the Bartow solar project developed by leading German renewables player Encavis (now owned by a KKR-led consortium) - a 260 MWp project located about 150 kilometers north of Berlin in the state of Mecklenburg-Vorpommern, the second largest PV facility in Germany. The project will sell the bulk of its output to LyondellBasell through a 12-year power purchase agreement (PPA).
 
Germany has become a strategic priority for Astris: The German economy is the single largest power consumer and deepest renewables market in Europe, and the amended Climate Change Act of June 2021 set a net zero objective for year 2045. This will require massive investments in renewables, flexible generation (e.g. storage, hydrogen) and grid infrastructure. An estimated € 700bn investment is expected to be made in the years leading up to 2030.
 
In this context, Astris is setting up a full-fledged team on the ground. Our effort will be led by Arnaud Germain, who heads our European operations, and Dennis Schröder, the newly appointed Managing Director of our Munich office overseeing the DACH region. Dennis joins Astris from BNP Paribas where he led the Power & Utilities, Renewables sector team for the DACH region as Managing Director for the past two years. Prior to this, he spent three years as Senior Banker with the Energy & Utilities team of UniCredit, five years as Head of Energy for Germany with SEB, and seven years at RBS as a senior member of the Power & Utilities sector team for DACH and CEE. He started his career working for Deutsche Bank. Overall, he has a background of 20+ years in investment banking, including 15 years with a special focus on the Power & Renewables sector. He has executed transactions representing over € 10bn in cumulative investment in the energy transition space.
 
Fabrice Henry, CEO of Astris, explains: “We are very excited to welcome Dennis and expand our team out of Munich. This is a key step in the implementation of our ambitious European strategy at a time when Energy Transition is a top-priority public policy agenda – in terms of sovereignty, environmental and social sustainability, as well as economic competitiveness. Our German presence will help us consolidate our position as a leading independent advisor in the Energy Transition space in Europe and globally.”
 
Dennis Schröder, Managing Director and Head of Germany and DACH said: “The German energy transition has made good progress with regards to the decarbonization of power generation by significantly expanding renewable energy – but there is still much to do to develop an integrated sustainable generation mix and a power grid capable of handling the volatility of renewables especially in extreme ‘Dunkelflaute’ scenarios (prolonged absence of wind and sun). As regards the renewables market, we are seeing older projects exiting the guaranteed revenue regime established by the Renewable Energy Act (EEG) of 2000 – to the tune of 3 to 5 GW per year. These projects will need to craft new revenue schemes, by participating in renewable auctions following a repowering, sourcing a corporate PPA, or simply selling in the spot market. On the other hand, the massive investment program ahead – with a target in excess of 10 GW of new generation and in excess of 5 GW of BESS per year until 2030 – is likely to create a need for capital structure optimization and asset rotation for German developers; it will also require the injection of fresh liquidity by new investors at a competitive cost. In this dynamic market context, we are confident we will be able to use our deep experience in renewable markets globally combined with our holistic approach to help create value for our clients – both strategics and financials.”

December 2024 - Astris Congratulates its Client TSE for the Closing of a 100m€ Greenfield Solar PV Financing in France

Paris, December 2024 - We are pleased to announce the closing of the Aphaia Finance 2 transaction in which we assisted TSE, a leading French solar developer, in the 100m€ financing of a 120 MW portfolio of seven ground-mounted PV assets located in France.

This transaction follows the successful Aphaia Finance 1 closing completed in May 2024, and is the second financing for the 1.6 GW Aphaia platform. TSE launched the Aphaia platform in 2021 – with Astris acting as financial advisor – as a strategic partnership with Banques des Territoires and Credit Mutuel Impact, to finance the growth of TSE’s ground-mounted solar PV activities.

The Aphaia Finance 2 portfolio revenues come from a combination of  20-year Contracts for Difference (“CfD”) with EDF and a corporate PPAs secured with Albéa, a global leader in perfume and cosmetic packaging.

The transaction was arranged by Caisse d’Epargne CEPAC and Crédit Agricole Transitions & Energies.

Astris acted as exclusive financial advisor to TSE. This financing is another milestone in our longstanding collaboration with TSE and an additional greenfield solar PV financing credential in Europe.

December 2024 - Astris Finance advises Actis in the acquisition of two transmission line assets from Vinci Partners

São Paulo, December 2024. Astris Finance congratulates its client Actis, a leading global investor in sustainable infrastructure, who has completed the acquisition of two transmission line assets from Vinci Partners in Brazil.This acquisition, will expand its Skyline Brazilian transmission platform, bringing the length of the business’ operational transmission lines to a total of 1,404km.

These two assets consist of a 112km above-ground transmission line in the state of Rio Grande do Sul in Brazil’s far south and a substation and its equipment in Minas Gerais state. Each asset has more than 20 years left on its 30-year concession.

Power transmission is critical to accelerating the energy transition in a country such as Brazil where renewables, notably hydro but also wind, solar and biofuels, generate 89% of the electricity. Since production is not typically located near consumption centers, transmission lines are an essential infrastructure for access to power, and particularly decarbonized power.

Astris Finance acted as exclusive financial advisor to Actis. This transaction further strengthens Astris’s premier position in the Brazilian transmission line sector, both in the M&A and financing markets.

December 2024 - Astris Finance Congratulates its Client CVE Biogaz for the Closing of a EUR 70m Capital Raise

Paris, December 2024 - Astris Finance congratulates its client CVE Biogaz, a subsidiary of the independent renewable energy producer CVE and a major player in the recovery of organic matter and anaerobic digestion in France, for the closing of a capital raise whereby BNP Paribas Asset Management's Low Carbon Transition Infrastructure Equity Fund (“BNPP AM”) will invest EUR 70m. It will enable CVE Biogaz to accelerate its development and strengthen its position in the biogas market in Europe.

The investment by BNPP AM follows that of Swen Capital Partners, which had injected EUR 40m in CVE Biogaz between 2021 and 2023. It underlines the confidence of institutional investors in the potential of biogas to accelerate the energy transition and strengthen the circular economy.

Hervé Lucas, co-founder of CVE stated: “This transaction, achieved with the very valuable support of Astris, will allow us to continue our development. We want to actively contribute to the ambitions of the French biogas sector, which aims at increasing the share of renewable and low-carbon gas to 20% of our national consumption by 2030, from 2% today”.

Arnaud Germain, who heads Astris’s operations in Europe, said: “We want to thank CVE for their trust in Astris Finance’s capacity to help them close such an important transaction for the development plan of CVE Biogaz. We are very proud to have successfully advised to design and setup this capital raise with a strong partner such as BNPP AM.”
 
Astris acted as exclusive financial advisor to CVE Biogaz. This landmark transaction further reinforces the relationship between Astris and CVE, and is also a testimony to Astris’s ability to work on a wide array of sectors related to energy transition.

December 2024 - Astris Finance congratulates its client Enfinity Global on the successful financing of a 147 MW solar portfolio in Italy

Madrid, December 2024 - We are very pleased to announce a new closing with Enfinity Global, the US-based leading renewable energy and sustainability services company, for the construction of a 147 MWp solar portfolio in Italy.

The portfolio is made of three projects located in the Lazio region. The senior debt, provided by Rabobank and ING Italia, has been raised at AssetCo level and totals EUR 165m, including ancillary facilities.

Astris acted as exclusive financial advisor to Enfinity Global. This transaction is our fourth collaboration with Enfinity Global in Italy, which further strengthens Astris's advisory franchise in the Italian renewable market.

We would like to thank all the parties involved and particularly our client Enfinity Global for their trust in Astris Finance.

December 2024 - Astris advises abrdn and Bestinver Infra in the acquisition of 100% of the shares of Circuito Vial 3, the largest road PPP in Uruguay

Washington DC, December 2024. Astris Finance congratulates its clients abrdn, the UK-based global infrastructure investor, and Bestinver Infra, the Acciona-backed fund manager, on the closing of the acquisition of Circuito Vial 3 (“CV3”), the largest road PPP in Uruguay. The consortium formed by abrdn and Bestinver on a 50/50 basis has acquired CV3 from Copasa (80%) and Espina Obras Hidráulicas (20%).

CV3 is a c. 300km essential link between Brazil and Argentina. The road was structured as a PPP by the Ministry of Transport and Public Works (“MTOP”) and awarded to Copasa and Espina back in 2019 for a 20-year term. abrdn and Bestinver are acquiring this strategic asset shortly after completion.

The acquisition of CV3 is a landmark transaction for Bestinver, a first in Uruguay for the group’s infrastructure fund; and an opportunity for abrdn to expand its infrastructure investment portfolio across Latin America.

”We are very pleased to have advised abrdn and Bestinver on this transaction - a closing which speaks to our commitment to stay the course over the long run through M&A processes in the region, and add as much value as possible to our clients’ work along the way" said Romain Papassian, Managing Director for Astris Finance.

“We are excited to have completed the acquisition of CV3, with our partners Bestinver Infra and the invaluable support of Astris. This transaction represents a continuation of abrdn’s strong track record of infrastructure investment in the Americas, and a broadening of our footprint in Uruguay”, said Ivan Wong, Partner, abrdn Concession Infrastructure.
 
“This transaction, achieved with the very valuable support of Astris, underscores our dedication to exploring high-potential infrastructure opportunities. We remain confident in the growth prospects of the Uruguayan market and look forward to contributing to its development”, said Francisco del Pozo, Head of Infrastructure Funds for Bestinver.

Astris acted as exclusive financial advisor to both abrdn and Bestinver Infra throughout the M&A process, and is currently advising on the refinancing of the asset.

The closing of CV3 demonstrates Astris leading position in the Uruguayan infrastructure market, where we have been active and advised on several landmark transactions over the past few years.

December 2024 - Astris advises CYMI in the acquisition of Cotesa, a leading O&M and engineering services provider in the transmission and renewable sectors in Brazil

São Paulo, December 2024. Astris Finance congratulates its client CYMI Construções e Participações S.A. (“CYMI”), a branch of Cobra IS which is also a subsidiary of VINCI SA (“VINCI”), a leading global long-term infrastructure investor, on the successful acquisition of Cotesa Engenharia (“Cotesa”), one of the largest transmission and renewable O&M service providers in Brazil.

Cotesa provides operations and maintenance services for over 7,000 km of high voltage transmission lines and more than 3 GW of solar, wind and hydro plants, and is one of the key independent O&M service providers in Brazil.

The acquisition of Cotesa will strengthen Cymi’s footprint in the Brazilian transmission and O&M markets, creating synergies with its existing operations and benefiting Cymi’s clients with a wider platform of specialized services and technical solutions for energy assets.

"We are very pleased to have advised CYMI on this transaction. With the acquisition of this unique O&M service platform, our client consolidates its position in a very attractive niche which is complementary to its core business" said Daniel Uzueli, Head of Brazil for Astris Finance

“We thank Astris for their support as financial advisor to CYMI in the acquisition of Cotesa. As always, they have delivered an excellent work and their expertise has a great value” said Rógerio Diniz, Director at CYMI.

Astris acted as exclusive financial advisor to CYMI, with whom we have developed a long-standing global relationship in particular through several transactions in the transmission line and water sector in Brazil.

This landmark transaction further demonstrates Astris’ premier position in the Brazilian infrastructure and energy advisory market, where we are currently advising on transactions across a variety of sectors.

November 2024 - Astris congratulates its client VALOREM for the successful EUR 200m refinancing of a 143MW portfolio located in France

Paris, November 2024 – Astris Finance congratulates VALOREM Group (“VALOREM”), a leading independent renewable energy producer, for the refinancing of a portfolio of solar and wind assets, totaling an installed capacity of 143 MW (the “Portfolio”).

The Portfolio consists of 12 photovoltaic solar farms and 8 onshore wind farms, spread over the whole of mainland France, with a concentration of plants in the north and south of the country. In operation for approximately three years, these assets benefit from significant operational track-record and production potential for many years to come.

This refinancing, structured around a new senior debt of nearly €200 million, allows VALOREM to consolidate its financial structure, repay the loans raised following the CRE solar tenders and free up resources for its ambitious development.

The portfolio revenues are supported by long term Contracts for Difference (“CfD”) with EDF for the wind assets and some PV assets, while the rest of solar PV assets have secured corporate PPAs.

The transaction was arranged by Société Générale, the Crédit Agricole Group (Crédit Agricole CIB, Crédit Agricole Transitions Et Energies and Crédit Agricole Languedoc), BPCE Energeco, Auxifip, Crédit Lyonnais and Natixis.

Astris acted as exclusive financial advisor to VALOREM. This refinancing comes on the heels of the €550m capital operation closed by VALOREM in October 2024 on which Astris acted as co-advisor. It is an additional milestone in our longstanding collaboration with VALOREM and another refinancing credential in the European renewable energy markets.

October 2024 - Astris congratulates its client TSE for successfully raising a 65m€ financing from Eiffel Investment Group

Paris, October 2024 - Astris Finance congratulates its client TSE for successfully raising a 65m€ financing from Eiffel Investment Group.

After raising €130 million in equity from Eurazeo, Crédit Agricole and Bpifrance in 2023, TSE, a leading French solar energy producer and developer, has further strengthened its financing structure by issuing a €65 million bond subscribed by a fund managed by the Eiffel Investment Group.

Bond proceeds will finance the investments made by TSE in new solar photovoltaic power plants, for a cumulative capacity of around 800 MW -- the annual consumption of 450,000 inhabitants.

Astris acted as exclusive financial advisor to TSE on three financing transactions this year. This is a testimony to Astris’s premier position in the European solar PV financing sector and another milestone in our fruitful collaboration with TSE.

October 2024 - Astris congratulates its clients for the closing of a USD 111m financing package for the Ferrocarril Central Rail Track PPP Project in Uruguay

Washington DC, October 2024. Astris Finance is pleased to announce the closing of a US$ 111m financing transaction for the Ferrocarril Central Rail Track PPP Project (the “Project”) sponsored by Sacyr Concesiones, NGE Concessions (subsidiary of French construction group NGE), Saceem and Berkes (the “Sponsors”).

Following up on Astris’ role as exclusive financial advisor for the cumulated raise of US$ 1,410m debt package, Astris advised the Sponsors in structuring and placing a US$ 111m financing package to fund an extension of the construction works and optimize the maturity of part of the existing senior debt (together, the “Financing”).

The Project, now in operation, consists of the design, construction, financing, rehabilitation, and maintenance of a 273 km railroad between the cities of Montevideo and Paso de los Toros, Uruguay, under a 20.25-year PPP contract.

The Financing package consists of:

1.       The structuring and issuance of a US$ 65m private placement subscribed by Allianz Capital Partners under a new B Bond facility to support the Project costs

2.       The structuring and issuance of a UI 300m (c. US$ 46m) subscribed by CAFAM to support the Project costs

3.       The partial extension of existing IDB Invest Loan and existing Allianz B Bond to extend the maturity of existing facilities

With this financing, lenders have provided more than US$ 1.5 bn of multi-tranche financing to the Project in aggregate.

This financing represents another key milestone in our long-standing partnership with the Sponsors and exemplifies how Astris collaborates with its sponsor clients throughout their projects' life cycle, maximizing value at every stage.

October 2024 - Astris advises VALOREM in connection with the sale of a minority stake and a capital raise for a total amount of € 550m

Paris, October 2024. Astris advises VALOREM in connection with the sale of a minority stake and a capital raise for a total amount of € 550m.

Astris Finance congratulates its client VALOREM, an independent French renewable energy developer, who received a firm offer to acquire the stake of 3i Infrastructure fund who entered in VALOREM’s capital 8 years ago. This offer comes from a consortium made up of AIP Management, a Nordic-based investment manager focused on renewable energy and IDIA, Credit Agricole Group’s private equity subsidiary. GSO and IRDI – 2 regional investment funds -, already present in VALOREM’s capital, are taking advantage of the transaction to renew their trust in the firm and its business, alongside Bpifrance.

Over the past 8 years, VALOREM has managed to multiply by 5 its installed capacity and expects to produce 1.5 TWh in 2024; it has developed its international footprint, and its pipeline has reached 6.6 GW.

This capital raise will allow VALOREM to strengthen its development and confirm its positioning as one of the last independent French IPPs in the sector.

The transaction closing is expected in the first quarter of 2025, following the completion of the information and consultation procedure with VALOREM's representative bodies and the obtaining of the necessary regulatory approvals.

Jean-Yves GRANDIDIER, Chairman and Founder of VALOREM, and Pierre GIRARD, Chairman of the Supervisory Board, said: "Our new partners are fully in line with our values and our vision of the development of green energy and this new chapter will enable the Group to pursue its development ambitions and accelerate the energy transition. We are delighted of the way this transaction was handled and would like to thank the Astris team for the instrumental role they played all along the process".

This landmark transaction is another testimony of Astris’s exceptional positioning in the M&A renewable space in Europe. Astris acted as financial co-advisor to VALOREM, alongside BNP Paribas and Lazard.

September 2024 - Astris advises CYMI to raise a ~USD 220 million financing for a water and sanitation project in Brazil

São Paulo, August 2024. Astris Finance congratulates its client CYMI Construções e Participações S.A. (“CYMI”), a branch of Cobra IS that is also a subsidiary of VINCI SA (“VINCI”), a leading global long term infrastructure investor, on the successful financing of the Verde Ambiental Alagoas, a water concession project in the northeast region of Brazil.

The project consists of a 35-year brownfield concession that will improve water and sanitation services for an estimated population of 400,000 people in the state of Alagoas.

The ~USD 220 million (c. BRL 1.2 billion) financing will cover the project's 10-year construction period. To achieve an efficient capital structure, three sources of funding were successfully structured: (i) a loan from Banco do Nordeste (Northeast Development Bank), (ii) a loan from BNDES (Brazil National Development Bank) as well as (iii) debentures issued in the capital markets.

”We are very pleased to have advised CYMI on this transaction, their first water concession in Brazil. We were involved from bid stage to financial close and were able to work with development banks and the local capital market to offer the best possible terms and conditions to our client." said Daniel Uzueli, Astris’s Head of Brazil.

Astris acted as exclusive financial advisor to CYMI, with whom we have developed a long-standing global relationship in particular through several transactions in the transmission line sector in Brazil.

This landmark transaction further demonstrates Astris’ premier position in the Brazilian infrastructure and energy advisory market, where we are currently advising on transactions across a variety of sectors.