December 2020 - Astris congratulates its client Uriel Renovables for the successful closing of the project "Ventus" in Poland

December 2020 – Astris Finance is pleased to announce the debt and equity closing of the 145MW, €173 m Bialy Bor windfarm project in Poland.

With 42 Vestas V126, 3.45 MW turbines and a total installed capacity of 145MW, the Bialy Bor wind farm project (the “Project”) will be one of Poland’s largest onshore wind farms and will provide clean energy to over 100,000 households. It is expected to start production in Q1 2022. The Project has secured a 15-year Contract for Difference (CfD) through the 2019 renewable auction organized by Poland’s Energy Regulatory Office.

The Project was developed by Spanish developer Uriel Renovables ("Uriel"), a company dedicated to the development, construction and operation of renewable energy projects in Europe and Latin America. The senior debt facilities were provided by commercial bank DNB and export credit agency EKF. Shortly before financial close, a fund advised by Mirova, a French asset manager dedicated to sustainable investing (including investing in energy transition infrastructure) and an affiliate of Natixis Investment Managers, acquired a majority stake in the Project from Uriel. These transactions are a testimony to the growing interest from leading European players in the rapidly developing Polish renewable energy market.

Astris acted as exclusive advisor to Uriel on both the senior debt financing and the equity divestment. Astris’s involvement with Uriel in Poland began with the renewable auctions of 2018 and 2019, when Astris advised Uriel on the design of a winning auction strategy. Since 2018, Astris has developed a significant expertise in the Polish renewable energy sector and has secured five financing and M&A mandates.