Astris Finance advised DIF, Caisse des Dépôts and Solairedirect (together the “Sponsors”) in connection with the refinancing (the “Refinancing”) of a portfolio of operating PV assets located in the South-East of France (the “Portfolio”), originally developed by SolaireDirect. The Portfolio has a total installed capacity of 34 MWp, spread over 4 ground-mounted power plants.
The power plants composing the Portfolio have been completed between 2009 and 2011, and had been initially financed separately through non-recourse project finance facilities. The Sponsors took advantage of the attractive market conditions and of the Portfolio’s outstanding operational track record to refinance its existing debt. The refinancing allowed the Sponsors to extend the maturity, lower debt service coverage ratios and reduce financing cost.
The EUR 145 mEUR facility was led by Auxifip (part of the Crédit Agricole group), the Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation acting as co-Mandated Lead Arrangers, with the participation of BPI France.
Astris Finance acted as exclusive financial advisor to the Sponsors for the raising of the 145 mEUR facility. Astris is currently mandated on several similar refinancing transactions in Europe for solar and wind power plant portfolios.