Renewables

July 2018 - Cerro Dominador, LatAm's First CSP Plant Closes & Funds

Astris congratulates its client EIG Global Energy Partners (EIG) and its portfolio company Cerro Dominador on the successful funding of the final stage of construction for its 210 MW combined photovoltaic (PV) and concentrated solar power (CSP) plant in the Atacama desert in Chile. The financing which total almost USD one billion signed in May and received its first disbursement on July 3, 2018.

The funding allowed for the repayment of certain bridge loans as well as payment for the issuance of notice to proceed to finalize the construction of the CSP plant which had been suspended. The PV plant is already operational and the CSP plant is expected to achieve COD during 2020. The works are being executed by Abengoa and Acciona under joint arrangements. Cerro Dominador’s CSP plant will be the first operational CSP plant in Latin America – marking the beginning of a new era for renewable power in Chile and the region.

Astris Finance served as financial advisor to EIG and Cerro Dominador on this landmark transaction which included the participation of twelve international project finance banks and institutional investors.  

“The financing for Cerro Dominador illustrated Astris’ ability to build on its substantial track record in the Chilean energy sector with respect to both technology and size,” mentioned Tobey Collins, Managing Director and Head of the Astris Washington DC office. Romain Papassian, Astris Director and deal team leader, further added “We were able to rise above the financing challenges associated with the project’s status as the first application of the CSP technology in the region as well as the project’s history to successfully close and fund on a timely basis.”

The Cerro Dominador financing was innovative in terms of technology, financing structure, and size – and Astris is proud to have been a part of this achievement together with EIG and Cerro Dominador. 

June 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 € 67 m facility to refinance a portfolio of operating wind assets owned by EOS (the “Sponsor”) and located across France (the “Portfolio”).

The Portfolio has a total installed capacity of 101 MW, spread over 9 plants. The plants were initially financed individually through non-recourse project finance facilities and were completed between 2006 and 2010. 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 payments and reduce financing costs.

The € 67 m facility was provided by CIC and BPI France. Astris Finance acted as exclusive financial advisor to the Sponsor in the structuring and raising of the € 67 m facility.

June 2018 – Astris closes the refinancing of the 150 solar PV power plants of Reden Solar, a French IPP held by Infravia and Eurazeo

Astris Finance advised Reden Solar, a French solar IPP held by Infravia and Eurazeo, in connection with the refinancing (the “Refinancing”) of its 78 MWp portfolio of operating rooftop PV assets in France (the “Portfolio”). Reden Solar has refinanced the 92 historic loans contracted from 17 commercial lenders over the past 6 years. Reden Solar 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 sponsor to extend the maturity, lower debt service coverage ratios, replace the existing DSRA by a DSRF and reduce significantly the financing cost.

The EUR € 270 m senior debt facility was led by Société Générale, CA-CIB and Auxifip acting as co-Mandated Lead Arrangers, with the participation of BPI France.

As part of the transaction, Reden Solar raised an additional € 30 m junior debt facility from Acofi.

Astris Finance acted as exclusive financial advisor to Reden for the raising of the € 270 m facility, which is to date the largest refinancing facility structured for a portfolio of solar assets in France.

May 2018 – Astris closes the refinancing of Solaire Corsica in France

Astris Finance advised Engie Solar and Caisse des Dépôts (together the “Sponsors”) in connection with the refinancing (the “Refinancing”) of a portfolio of operating PV assets located in Corsica (the “Portfolio”), originally developed by SolaireDirect. The Portfolio has a total installed capacity of 13.1 MWp, spread over 3 ground-mounted power plants.

The € 67 m facility was led by la Banque Postale and BPI France acting as co-Mandated Lead Arrangers.

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.

Astris Finance acted as exclusive financial advisor to the Sponsors for the raising of the € 67 m facility. Astris is currently mandated on several similar refinancing transactions in Europe for solar and wind power plant portfolios.

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.

 

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 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.

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). 

 

 

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.

March 2016 - Astris advises Sonnedix on two portfolio refinancings and successfully closes some EUR 300m of financing for the group

Astris consolidates its leadership in the renewable energy market by closing two portfolio refinancing of solar assets - a highly sophisticated and structured way to releverage portfolios of assets in operation taking advantage of attractive conditions in the debt markets 

March 2016 - Astris completes 12MW Wind Permit Sale in France

Astris Finance advised Eco Delta, a French wind developer, in connection with the straight sale of a 12 MW wind permit to the German closed end fund Leonidas. Astris Finance’s scope encompassed the market consultation, the investor selection, the detailed negotiation of the SPA terms and conditions and the closing process. In addition, Astris Finance was deeply involved in the finalization of the permitting process and was in charge of coordinating the vendor due diligence process.
Astris is currently mandated on similar wind transactions in Europe and Africa.