March 2018 - Astris voted Financial Advisor of the Year Latin America by IJ Global's Panel

We are very pleased to announce that once again Astris has been named Financial Advisor of the Year for Latin America, an award granted by IJ Global and selected by a panel of industry participants and experts. Astris Finance had been nominated together with SMBC, Santander, Macquarie Capital and Itau. The award was announced on March 15, 2018 at the Deal of the Year Award dinner in New York City. In the same award ceremony, the Celeo Redes bond financing, for which Astris served as financial advisor to the Sponsor, was also named Latin America Refinancing Deal of the Year.

The award caps an exciting year for Astris in Latin America, with seven deals closed and three bids won for major infrastructure projects across a variety of markets -- Chile, Argentina, Mexico, Peru, Colombia, Panama and Brazil -- and a variety of sectors -- renewable energy, toll roads, ports, transmission lines and conventional energy.

In his remarks upon receiving the award, Astris Chief Executive Officer Fabrice Henry said: “An independent advisory firm like Astris relies on two great assets to build a successful track record: a solid base of outstanding clients with visionary leadership who year after year have been placing their trust in us; and a highly motivated team who never spares their effort and energy to deliver innovative financing solutions for our clients. I sincerely thank both our clients and our team members for making this award happen.”

January 2018 - Brazilian bioethanol plant reaches financial close

Astris Finance announces that it has closed an expansion financing for client Summit Brazil Renewables and its Brazilian subsidiary FS Bioenergia. FS Bioenergia owns and operates the first corn-based ethanol production facility in Brazil, located in Lucas do Rio Verde in the Brazilian state of Mato Grosso. The first phase of the facility entered into operations in mid-2017 and in February 2018 closed on a debt facility to finance the doubling of the plant’s capacity. Construction works are underway and the expansion is expected to be operational in 2019. Astris Finance served as exclusive Financial Advisor to Summit and FS Bioenergia.

January 2018 - Astris closes the refinancing of a portfolio of operating wind assets in France

Astris Finance is pleased to announce the successful closing of a € 180 m facility to refinance a portfolio of operating wind assets owned by Valorem (the “Sponsor”) and located across France (the “Portfolio”).

The Portfolio has a total installed capacity of 145 MW, spread over 12 plants. The plants were initially financed individually through non-recourse project finance facilities, and were completed between 2009 and 2016. The Sponsor took advantage of the favorable market conditions and of the Portfolio’s operational track record to refinance the Portfolio at attractive terms. The Refinancing allows the Sponsor to extend the financing maturity, lower debt service coverage ratios and reduce financing costs.

The € 180 m facility was led Auxifip (part of the Crédit Agricole group), Sumitomo Mitsui Banking Corporation and La Banque Postale, acting as co-Mandated Lead Arrangers, with the participation of BPI France.

Astris Finance acted as exclusive financial advisor to the Sponsor in the structuring and raising of the € 180 m facility.

The Vasco transaction is the seventh renewable energy portfolio refinancing transaction performed by Astris Finance in 2017, totaling over € 1 bn of senior debt raised and more than 260 assets refinanced.

 

January 2018 - Astris Finance appoints Gonzalo Ruiz de Angulo as Director & Head of its recently opened Madrid office

Following the opening of the office back in November 2017, and the hiring of Juan Fabregas as first senior recruit for its Spanish team, Astris is now pleased to announce the recruitment of Gonzalo Ruiz de Angulo, a project finance banker with over 15 years of experience, who joined the firm on Monday, January 8, 2018 as Director & Head of the Madrid office.

Gonzalo has 15 years of experience in project and corporate finance and has acted as lead arranger as well as financial advisor on a wealth of infrastructure and energy deals primarily in Europe and Latin America. He joins Astris from ING, where he was the director leading the bank’s Latin American effort in the power space. Prior to this, Gonzalo worked for BBVA, where his last role was as Global Head of Energy, Oil & Gas, and Environmental Services. Formerly, he was head of Power for Latin America and Head of Renewable Energy for EMEA, always with a strong focus on financial advisory.

In total, Gonzalo spent 11 years at BBVA, including six in New York working on projects in Latin America and globally, and five in Spain, where he worked intensely in the Spanish renewable market as well as in other sectors and geographies.

Prior to BBVA, Gonzalo had spent three years on the developer side, at Enel Union Fenosa Renovables, based in Madrid, where he ended up as Head of Finance for the Iberian Peninsula.

Fabrice Henry, Astris’s Chief Executive Officer, commented on Gonzalo’s joining: “We are delighted to welcome such an experienced project finance banker as Gonzalo to the Astris family. Gonzalo’s background is a perfect fit to spearhead Astris’s development in the Iberian Peninsula and to strengthen our on-going relationships with Spanish and Portuguese sponsors on a global basis. I am convinced that Gonzalo’s entrepreneurial spirit and creativity will contribute to add significant value to our infrastructure and energy clients.”

December 2017 - Sponsor advised by Astris is awarded 378 MWp in the Third Mexican Long Term Renewable Energy Auction

We are pleased to announce that Neoen, advised by Astris Finance, was awarded a power purchase agreement (“PPA”) in the Third Mexican Long Term Renewable Energy Auction for a 378 MWp solar PV project in the state of Aguascalientes. Neoen’s project is the largest PV plant that was selected in the auction. The 15-year PPA  for energy and 20 year for clean energy certificates (“CEL”) start date is July 2020.

According to Mexico’s National Center for Energy Control (CENACE) which organized the auction, the average price of the projects awarded was USD 20.57/MWh, which makes Mexico the most competitive renewable energy market in Latin America. Among the winners, Neoen’s project is the largest renewable energy plant and offers one of the lowest prices.

Astris is now working with Neoen on the financing of the project for which closing is expected during the course of 2018.

December 2017 - Viento Los Hercules wind project in Argentina closes and funds, fully non-recourse project financing for the RenovAr program

Astris congratulates its client Total EREN for the successful closing of the financing of its first wind project in Argentina. Vientos los Hercules, a 97.2 MW wind park in the province of Santa Cruz, was awarded in October 2016 a 20-year PPA under round 1 of the Renovar program which was signed in January 2017. The financing closed less than 12 months after the PPA was executed and immediately received its first disbursement.

The debt package consists of 16-year ECA covered tranche, guaranteed by Euler Hermes and financed by KfW- Ipex, complemented by a 15-year uncovered tranche financed by DEG and FMO. This is the first non-recourse ECA financing to close in Argentina in the last 15 years.

Astris Finance acted as sole financial advisor to the sponsor beginning during the bid stage in which the project was awarded its PPA. Astris continued its advisory role from the selection of the bank group, through the structuring of the project financing and all the way up to closing and first disbursement.  Astris notes that this landmark achievement in Argentina demonstrates Astris' premier position in project finance financial advisory in the renewable sector in Latin America in particular.

November 2017 - Astris opens an office in Spain and announces new hires in Madrid

Edited in January 2018

Astris Finance is very pleased to announce the opening of its Madrid office with full origination and execution capabilities. The Madrid office will serve to accomplish two complementary goals for Astris:

The Madrid office will allow Astris to grow its presence in the Iberian Peninsula, where it is already active. Astris recently closed two refinancings in the Portuguese renewable energy sector and is currently working on a toll road refinancing in Spain. Astris aims to get involved in the Plan Extraordinario de Inversión en Carreteras (known as PIC), a € 5 bn road PPP program about to be launched by the Government of Spain. Astris also strives to expand its global renewable energy franchise into the fast-growing Spanish market and hopes to bring added value in the context of a renewable energy contractual framework that includes a strong element of merchant risk.

The Madrid office will also allow Astris to further support its long-standing Spanish clients who have been active in Latin America, a key market for the firm. Astris has historically supported, and continues to support, clients on major projects in Chile, Peru, Colombia, Brazil and Mexico, among other countries in Latin America, and has been advising a number of Spanish investors, developers and contractors in these markets over the past 17 years.

Astris Finance appoints Gonzalo Ruiz de Angulo as Director & Head of its recently opened Madrid office and Juan Fabregas as Vice-President in its Madrid office.

Astris is pleased to announce the first senior recruits for its Spanish team.

Gonzalo Ruiz de Angulo, a project finance banker with over 15 years of experience, joined the firm on Monday, January 8, 2018 as Director & Head of the Madrid office.

Gonzalo has 15 years of experience in project and corporate finance and has acted as lead arranger as well as financial advisor on a wealth of infrastructure and energy deals primarily in Europe and Latin America. He joins Astris from ING, where he was the director leading the bank’s Latin American effort in the power space. Prior to this, Gonzalo worked for BBVA, where his last role was as Global Head of Energy, Oil & Gas, and Environmental Services. Formerly, he was head of Power for Latin America and Head of Renewable Energy for EMEA, always with a strong focus on financial advisory.

In total, Gonzalo spent 11 years at BBVA, including six in New York working on projects in Latin America and globally, and five in Spain, where he worked intensely in the Spanish renewable market as well as in other sectors and geographies.

Prior to BBVA, Gonzalo had spent three years on the developer side, at Enel Union Fenosa Renovables, based in Madrid, where he ended up as Head of Finance for the Iberian Peninsula.

Juan Fabregas, a project finance banker with close to 10 years of experience, joined the firm on November 27, 2017 as Vice-President.

As a project finance banker, Juan has acted as lead arranger as well as financial advisor in many markets and industries. He joins Astris from BBVA, where he was a vice-president in the infrastructure and energy team. Juan spent 4 years at BBVA, including two in Chile working on Latin American projects, and two in Spain, where he worked intensely in the Spanish renewable market.

Prior to BBVA, Juan had spent four years at Crédit Agricole CIB in London, as an associate in the project finance team.  There, Juan worked on a host of infrastructure deals in the UK, continental Europe as well as the Middle East.

Astris is also in advanced talks to recruit a senior director who will head the Madrid office and work with Juan. The full team is expected to be up and running by year end.

November 2017 - Astris closes the refinancing of two solar PV plants in Portugal

Astris Finance advised French renewable energy developer Neoen (the "Sponsor") in connection with the refinancing of Cabrela (13.2 MWp) and Seixal (8.8 MWp), two ground-mounted Solar PV plants located in Portugal. Each project benefits from a 20-year Power Purchase Agreement with Energias de Portugal (“EDP”).

The two projects were won by the Sponsor as part of the 2010 renewable energy tender and started commercial operation in 2014. The refinancing allowed the Sponsor to take advantage of the attractive market conditions and outstanding operational track record of thetwo Projects, leading to an extended maturity, a lower debt service coverage ratio and reduce financing costs.

The two projects were financed through two separate bond facilities totaling c. EUR 60m. The facilities were led by HSH Nordbank and Banco Comercial Português, acting as co-Mandated Lead Arrangers. La Banque Postale participated in the financing as well.

Astris Finance acted as exclusive financial advisor to the Sponsor.

July 2017 - Sponsor advised by Astris is awarded a USD 224 Mn road PPP contract in Mexico

We are pleased to announce that Sacyr Concesiones, advised by Astris, was awarded the Piramides – Tulancingo – Pachuca highway conservation project, which covers 183 km between the states of Mexico and Hidalgo.

The SCT received a total of ten bids for the USD 224 Mn PPP regarding the modernization and maintenance of the highway over the next ten years. The project is among four conservation tenders launched by the Mexican government in the first half of 2017.

Astris will now work with Sacyr in the debt financing of the project, which is expected to close before the end of the year.

January 2017 - Sponsor advised by Astris signs its first PPAs in Argentina as part of the RenovAr auction

Astris Finance acted as exclusive Financial Advisor to EREN Renewable Energy S.A. (“EREN”) in connection with its bid into the renewable program sponsored by the Government of Argentina, called “RenovAr.” The first round of RenovAr has served as the first stage of the re-opening of the Argentine market for international energy and infrastructure projects. EREN was awarded a power purchase agreement (“PPA”) in October 2016 for a 97.2 MW wind project in the province of Santa Cruz. The PPA provides the project with an offtake for 20 years starting at the end of construction. EREN’s project company executed its PPA in January 2017. Astris is now working on the financing of the project for which closing is expected during the course of 2017.

January 2017 - Sponsor advised by Astris is awarded 119 MW of Renewable PPA in El Salvador

El Salvador distribution company Delsur awarded 20-year power purchase agreements (PPAs) to a combined 169.9MW of wind and solar projects in the country's second utility scale power auction on January 11 2017 - we are very proud to announce that our client Neoen, advised by Astris won the vast majority of the PV capacity auctioned by Delsur, 100 MW. Astris will now work with Neoen to raise the financing for these projects slated to close in H2 2017 / Q1 2018.

This is our second project in El Salvador with Neoen, following the successful closing of Providencia Solar, the country's first non recourse project financing in the power space.

Astris is also advising a consortium of US and local developers in connection with a c. 400 MW LNG to power project in El Salvador, slated to close in H2 2017. 

November 2016 - Providencia Solar, El Salvador, Closes and Funds

Astris is pleased to announce the successful closing and funding of a 102 MWp solar PV facility in El Salvador. Astris advised project sponsor-developer Neoen on all matters pertaining to project development and financing all the way to this successful first disbursement on the first non recourse financing in the power sector in the country. The financing package has been raised from a club of agencies including the Inter-American Investment Corporation, the Canadian Climate Fund, and Proparco. To make this investment possible, Astris played a pivotal role in negotiating key amendments to the PPA to achieve a threshold level of bankability.

Astris is advising Neoen on renewable projects in Portugal, in Mexico and in El Salvador, in connection with the upcoming auction (UPDATE: Neoen, advised by Astris, was successfully awarded 119.9 MW of PV in this subsequent auction). 

 

 

August 2016 - Consortium advised by Astris is awarded US$ 600m road project in Colombia

Vinci Concessions and Conconcreto, advised by Astris, logged the winning bid for the construction, operation and maintenance of the Bogota-Girardot toll road project in Colombia, initially developed as a private initiative. Astris will now continue working with the consortium on the financing of the project, slated to close in H2 2017. Astris has been advising the consortium in Colombia since 2013, where Astris has been almost continuously working since 2010. Execution of the mandate is coordinated between our offices in Bogota, Paris and Washington DC. 

July 2016 – Astris to act as exclusive financial advisor to a renewable energy independent producer in connection with various investment opportunities in South-East Asia

Astris has been retained by a leading French Renewable Energy Independent Producer to advise on the acquisition and/or financing of several greenfield and brownfield solar-generated power plants across South-East Asia, including Cambodia, Thailand and Vietnam.