March 2024 - Astris congratulates its client Tenergie for the successful closing of a c. EUR 107m debt financing of PV rooftop projects located in France

Paris, March 2024 -  We are very pleased to announce the closing of the Tenfi IV project in which we assisted Tenergie, a French leading IPP and long-standing client of Astris in France, in the c. EUR 107m financing of a French portfolio of 331 solar PV rooftop assets with an individual capacity below 500kWp and an aggregate capacity of c. 85 MWp.

The assets, which benefit from 20y FiTs with EDF and take advantage of an optimized FiT price for small rooftops secured once the grid connection is requested, will reach COD over the next 18 months.
 
The transaction was arranged and financed by Credit Agricole, CIC and BPI France.
 
Astris acted as exclusive financial advisor to Tenergie.
 
This financing is another milestone in our long-standing relationship with Tenergie, and an additional French PV rooftop credential in our extensive track record.

March 2024 - Astris Finance congratulates its client Enfinity Global on the successful holdco financing of a 134 MW solar portfolio in Italy

Madrid, March 2024 - We are pleased to announce the closing of a 7-year €25 million holdco financing to an Enfinity Global assetco, for the construction of a 134 MW solar portfolio in the region of Lazio (Italy). Enfinity Global is a leading renewable energy IPP with presence in the US, Europe and Asia.

The portfolio consists of four large-scale solar power plants currently under construction. It is scheduled to commission progressively starting in Q2 2024. Once operational, the portfolio will generate 225 GWh of clean energy annually, contracted with Statkraft through a 10-year power purchase agreement. This will allow to supply power to 85,000 Italian households while offsetting 91,500 tons of CO2 emissions.

The holdco financing was provided by Sienna Investment Managers, a pan-European multi-expertise asset manager.

Astris Finance acted as exclusive financial advisor to Enfinity Global. This closing is a testimony to Astris’s premier position in renewable energy financings in Europe and to its continuing expansion into the Italian market.

March 2024 - Astris Finance congratulates its clients CIP and Arjun on the successful refinancing of the 487 MW Monegros wind portfolio in Spain

Madrid, March 2024 - We are pleased to announce the closing of a €383.5 million refinancing of a 487MW operational onshore wind portfolio located in Aragon (Spain). Astris advised Danish Copenhagen Infrastructure Partners (“CIP”), one of the world's largest dedicated fund managers in greenfield renewable energy investments with over €25 bn raised, and Arjun Infrastructure Partners (“Arjun”), an independent asset management firm focused on mid-market infrastructure and energy investment, jointly the “Sponsors”.
 
This innovative transaction allowed the Sponsors to improve the existing financing in terms of structure, leverage and cash flow providing long-term stability for this landmark transaction, which involves one of the largest long-term PPAs in Iberia. The financing was provided by a syndicate of seven local and international banks (ABN, BBVA, BNP, Rabobank, Caixabank, Sabadell and Bankinter), showing outstanding market support to the transaction and its Sponsors.

The financing consists of a €331.7 million non-recourse, fully amortizing senior debt facility, €34 million of letter of credit facilities, and a €17.8 million of debt service reserve facility (the “Facilities”). The Facilities are deployed in accordance with the Green Loan Principles.

Astris Finance acted as exclusive financial advisor to CIP and Arjun. This transaction is a testimony to Astris’s position as the lead independent advisor for debt renewable transactions in Iberia, and to the strong relationship forged with top tier players in the renewable space globally.
 
CIP Partner Florian Küster said: ”We would like to thank the lenders and the advisors involved for successfully completing this transaction. The closing of the green loan financing marks another important milestone for our Monegros’s investment which has generated attractive and stable long-term returns for our investors and made a meaningful contribution towards Europe’s green transition.”
 
Arjun Head of Asset Management Julian Skinner said: “We are delighted to have successfully completed this transaction with a strong pool of banks together with our advisors and our long-standing partner CIP. Thank you to all those involved, and we look forward to future collaborations as we work to facilitate the realisation of Europe’s clean energy goals.”

January 2024 - Astris Advises Valeco on the Successful Sale of its Canadian Activities

Toronto and Montreal, January 2024 - Astris Finance is pleased to have advised its client Valeco, a leading French renewable developer, for the successful sale - following a competitive process - of its Canadian activities consisting respectively in (i) Valeco’s interests in Biomont Energie, a biogas cogeneration plant in Montreal and (ii) the wind assets and portfolio of projects under development of its holding company Valeco Énergie Quebec, in two separate transactions.

The first transaction made it possible for Eolectric inc., a Quebec-based renewables energy developer and operator, to increase and consolidate its existing ownership of the 4.8MW Biomont Energie operations through the purchase of Valeco’s interests. The cogeneration plant recuperates biogas from a former landfill site in the St-Michel district in Northern Montreal and sells electricity to Hydro-Quebec and heat and hot water to Cirque du Soleil and Tohu neighbouring operations.  Eolectric inc. was already involved in the Biomont’s ownership through Eolectric Capital inc., a joint venture between Eolectric inc. and Fondaction, one of two Quebec largest labour-sponsored funds.

The second transaction allows Nutrinor-Gilbert Renewable Energies to acquire Valeco's interest in the 6.4 MW Dune-du-Nord wind farm, the only wind operations located in the pristine Iles de la Madeleine in the Gulf of the St-Lawrence, as well as a portfolio of projects at various stages of development. In operation since 2020, the Dune-du-Nord wind farm sells to Hydro-Quebec the energy produced to supply electricity to households and businesses on the islands.

Astris Finance extends its heartfelt congratulations to Valeco and the buyers for these prime acquisitions.

Astris Finance acted as exclusive financial advisor to Valeco.  This is a first transaction for Astris since initiating local market coverage and presence in Canada.  This achievement further strengthens Astris track record in North America where the teams are currently working on 3 live processes and underscores our commitment to delivering exceptional value and excellence on a global scale.

December 2023 - Astris Finance Congratulates Q ENERGY France for the Successful Sale of a 73.2 MWp Solar PV and Wind Portfolio Located in France

Paris, December 2023 - Astris congratulates its client Q ENERGY France (formerly RES France), a leading French developer fully owned by Hanwha Solutions, for the successful sale of a 73.2MW solar PV and wind portfolio (the “Portfolio”) composed of 4 projects located in France. The Portfolio has been acquired by ERG, a leading Italian independent renewable energy producer.

The Portfolio encompasses two operational solar PV farms with a combined installed capacity of 20.4 MWp, a 28.8 MWp solar PV project under construction and a 24 MW wind farm in the final phase of commissioning, following a recent repowering. The total annual estimated energy production of the portfolio stands at around 125 GWh, or the equivalent of 64 kilotons of CO2 emissions avoided.

The two PV plants in operation and the wind farm benefit from a tariff regime supported by a 20-year CfD (contract for difference), while the production of the third solar project will be sold under a 15-year PPA with a leading French retail company. All Portfolio assets will be selling their production on the spot market for a period of up to 18 months from COD before the CfD’s kick in, pursuant to the Emergency Measures announced by the French Government in the course of the summer 2022.

Astris Finance acted as exclusive financial advisor to Q ENERGY France – an engagement that followed the debt raising advisory mandate for the Portfolio successfully closed in May 2023. This achievement further demonstrates Astris’ premier position in the European renewable energy M&A market where Astris is currently handling 11 transactions across 5 countries.

December 2023 - Astris congratulates its client Celeo Redes on the closing of a USD 75m bridge facility to fund a transmission line in Peru

Washington DC, December 2023 - Astris Finance acted as financial advisor to Puerto Maldonado Transmisora De Energía, S.A.C., a wholly owned SPV of the Spanish group Celeo Redes, in the upsizing and extension of the existing bridge facility with DNB Bank. This extension comes on the heels of the recently awarded transmission line project Piura Nueva – Frontera to Celeo in July 2023 by the state-funded ProInversion. This new transmission line will be Celeo’s third project in Peru, alongside the transmission line Puerto Maldonado – Iberia and the Valle del Chira substation; the two original projects for which the existing Bridge Facility was in place.

The upsizing of the Bridge facility increased the total amount to US$75 million. The uses will be meant to cover all necessary development and construction costs for the three transmission assets until long term financing is in place. The Bridge Loan's maturity date was also extended until 2026, to allow additional timing due to the newly awarded Piura Nueva – Frontera project.

New Piura Nueva – Frontera Transmission Line

The Project is part of the “Proyecto Integral de Interconexión Eléctrica Perú-Ecuador”, which will connect substations located in either side of the Peru and Ecuador border. The total length will be 550km: 280km will correspond to Ecuador and 270km to Peru. The Project consists of the second part of the Peruvian section: Substation Piura Nueva–Frontera. The first section: Substation La Niña–Substation Piura Nueva is under construction.

December 2023 - Astris Finance congratulates its client Enfinity Global on the successful financing of a 101 MW solar portfolio in Italy

Madrid, December 2023 - We are pleased to announce the closing of a €118 million financing for the construction of 101 MW in four utility-scale solar power plants located in the region of Lazio (Italy), which are expected to become operational in 2024. Astris has advised Enfinity Global, a leader in renewable energy. The company owns a portfolio of 20 GW of renewable energy and storage projects in different stages of development.

This unique and innovative financing brings several important benefits for Enfinity Global in terms of structure, leverage, and cash flow stability. UniCredit, BayernLB, and Siemens Financial Services through Siemens Bank have acted as mandated lead arrangers for each project financing through a club deal structure. The financing will provide €77 million of non-recourse senior debt, €41 million of VAT financing, and LC facilities for PPAs and PV modules.

Astris Finance acted as exclusive financial advisor to Enfinity Global Inc. This closing is a testimony of both Astris’ premier position in renewable energy financings in Europe and its successful expansion into the Italian market.

December 2023 - Astris Advises Valorem in Setting Up a Strategic Partnership with Banque des Territoires

Paris, December 2023 - Astris Finance congratulates its client VALOREM, a leading French independent renewable energy producer, for the closing of a long-term partnership agreement with Banque des Territoires, the investment arm of State-owned Caisse des Dépôts.

The partnership consists in setting up a joint investment platform named "Calypso", owned 51% by VALOREM and 49% by Banque des Territoires. Calypso‘s initial objective is to invest in a 500 MW portfolio of solar and wind power assets in France by 2027, representing an annual production of more than 1.1 TWh – i.e., the yearly electricity consumption of c. 500,000 urban dwellers.

Arnaud Germain, co-head of Europe at Astris, said: “This project is a great achievement for our client VALOREM, completed just before year-end! We would like to thank VALOREM’s CEO Jean-Yves Grandidier and his team for their continuing trust in Astris.”

Astris acted as exclusive financial advisor to VALOREM. This landmark transaction further demonstrates Astris’s premier position in the European renewable sector, where we have closed 5 similar AssetCo transactions totaling 7 GW+ of solar and wind projects.

October 2023 - Astris congratulates its client Urbasolar, the leading French solar power producer owned by Swiss utility Axpo, for the successful closing of a c. EUR 140m greenfield debt financing

October 2023 - Astris Finance congratulates its client Urbasolar, the leading French solar power producer owned by Swiss utility Axpo, for the successful closing of a c. EUR 140m greenfield debt financing.

Project Galilée comprises a c. 170 MWp portfolio of solar assets in France, featuring either 20-year CfD contracts or 15-year CPPA contracts. All these assets are owned 100% by Urbasolar and are still under construction.
 
The signing of the financing facilities occurred in June 2023.

This transaction, on which Astris Finance acted as exclusive financial advisor, marks our fifth successful closing with Urbasolar in the past four years. Additionally, we are currently advising Urbasolar on transactions located in France, Poland, Spain, and the Dominican Republic.

September 2023 - Astris advises ICG in connection with its €400 million investment in Enfinity Global, the fast-growing global renewable energy development platform

Washington DC, September 2023. Astris advises ICG in connection with its €400 million investment in Enfinity Global, the fast-growing global renewable energy development platform.

Astris Finance congratulates its client Intermediate Capital Group (“ICG”), the global alternative asset manager, for the signing of a definitive agreement to invest in Enfinity Global, a leader in renewable energy.

This €400 million equity investment will fund Enfinity’s near-term growth and the execution of its business strategy to deliver a 17 GW global portfolio, including 7.3 GW of energy storage assets. With 1 GW of operational assets worldwide, the company is one of the fastest growing renewable energy platforms globally, and the leading renewable energy developer in Italy.

Jérôme Sousselier, Managing Director at ICG, said: “We are excited to be partnering with Enfinity, a market-leading solar energy company, with a clear vision of supporting the transition to a net zero carbon economy. And we are grateful for the instrumental role Astris and their teams in Europe, Asia and the US, played in helping us close this global partnership.”

Fabrice Henry, CEO of Astris, said: “The global context of a fast-accelerating energy transition process is very favorable to -- and is very much in need of -- high added-value, well-capitalized renewable energy development platforms like Enfinity, supported by visionary investors like ICG. We wish Enfinity and ICG the very best for the exciting road ahead.”

This transaction strengthens Astris’s position in the M&A renewable sector globally, where it is currently working on 15 live transactions.

Astris acted as exclusive financial advisor to ICG.

August 2023 - Astris congratulates Bruc on the successful closing of a EUR 600m sustainable corporate financing for its renewable platform of 8.5GW in Spain

Madrid, August 2023 - Astris Finance congratulates its client Bruc on the successful closing of a EUR 600m sustainable corporate financing for its renewable platform of 8.5GW in Spain.
 
We are very pleased to announce the signing of the transaction for which we supported Bruc, a Madrid-based renewable energy company managing solar PV and wind assets under development, construction and operation, in raising a sustainable corporate debt facility of EUR 600m to fund the construction of c. 8.5GW of solar PV and onshore wind located in several Spanish regions.
 
Santander, ING, Instituto de Credito Oficial, BNP Paribas and Intesa Sanpaolo acted as bookrunners and MLAs, and Schroders and Infranity as MLAs.
 
Because it complies with strict ESG criteria, the financing agreement has been substantiated under the formula of "sustainable corporate financing". This confirms Bruc's strong positioning in the clean energy sector -- a key aspect for OPTrust and USS to enter the company's capital in 2016 and 2021 respectively. 
 
This transaction further consolidates Astris’s positioning in Spain where it closed 7 financings adding up to EUR 1.2bn in the Energy Transition space over the last 18 months.
 
Astris Finance acted as exclusive financial advisor to Bruc.

July 2023 - Astris Congratulates its Client Banque des Territoires for the Successful Acquisition of an Equity Stake in JP Energie Environnement (« JPEE »)

Paris, July 2023 - Astris Congratulates its Client Banque des Territoires for the Successful Acquisition of an Equity Participation in JP Energie Environnement (« JPEE »)

We are pleased to announce the closing of Project Bombay, for which Astris advised Banque des Territoires, the investment arm of the State-owned banking group Caisse des Dépôts, in the acquisition of a 34% equity stake in the French company JPEE.
 
JPEE is a French IPP of wind and solar energy, who produced 680,000 MWh in 2022, the equivalent of the annual consumption of more than 300,000 households. The aim of the partnership between JPEE and Banque des Territoires is to double the installed capacity to reach 1 GW of projects in operation in 2026 and 2 GW by 2030, which will allow JPEE to supply green electricity to 1.6 million households.
 
Cédric Desmedt, Deputy Director of Energy Transition at Banque des Territoires says: "We are delighted to be a part of JPEE, a leading developer on the French market; this transaction consolidates a relationship of trust of more than 10 years, guided by strategic alignment and common values. We would also like to thank the Astris team for the instrumental role they played all along the transaction».

Astris acted as exclusive financial advisor to Banque des Territoires. This landmark transaction reinforces Astris’s premier position in the European renewable M&A sector and further strengthens our relationship with Banque des Territoires in the context of its ambitious positioning to fund the green energy transition.

June 2023 - Astris Finance congratulates its client RP Global on the successful sale of a 41 MW solar PV portfolio in Portugal

Madrid, June 2023 – We are pleased to announce the closing of Project Luso, the sale by European developer RP Global of a solar portfolio to a Portuguese-based independent fund manager active in the infrastructure and energy sector. The closing took place in June 2023.
 
RP Global is a large-scale developer with 35+ years of experience in the renewable energy sector and a strong presence in Europe.  Astris advised RP Global on the sale of a 41 MW portfolio of small-size solar PV projects known as Unidades de Pequena Produção (UPPs) in Portugal.
 
There is significant pressure to implement more installed renewable capacity in Portugal, in order to meet the European targets. This has led to an increasing number of transactions in which local developers syndicate or fully divest their stake in their development portfolio to financial or strategic investors, typically at the “Ready-to-Build" stage (RtB).
 
The Portuguese market is particularly suited to this type of partnership, given the high local hurdles that must be overcome to bring projects to RtB, especially in terms of land availability, permitting processes and grid access.
 
This transaction further enhances Astris’s strong track record in the renewable sector in Portugal, where we have been advising on four equity and financing transactions over the last 12 months.

Astris Finance acted as exclusive financial advisor to RP Global.

June 2023 - Astris Advises Générale du Solaire in Setting Up a Strategic Partnership with Banque des Territoires

Paris, June 2023 - Astris Finance congratulates its client Générale du Solaire (“GdS”), a leading French independent solar power producer (IPP) for the signing of a long-term partnership agreement (the “Partnership”) with Banque des Territoires, the investment arm of the State-owned banking group Caisse des Dépôts.

In its first phase, the Partnership consists of the acquisition by Banque des Territoires of a 49% stake in a platform of 83 solar assets located in France, representing a cumulative capacity of approximately 270 MWp. It will then be fed by new solar projects developed by GdS, with the objective to finance 1 GW of solar projects over the next 5 years in France, representing the annual consumption of 300,000 homes. This partnership allows GdS to strengthen its investment capacity and accelerate its development in a very dynamic sector, while maintaining its independence and act for the quick deployment of solar energy in France.

"This partnership with Banque des Territoires is an important step in the young life of Générale du Solaire and a great recognition of our development model. I would like to thank Astris Finance teams for their very valuable advice along the transaction" says Daniel Bour, GdS’ Chairman.

Arnaud Germain, co-head of Europe at Astris, said: “This project is a great achievement for our client. We are happy we played an instrumental role in the design and implementation of this partnership. We would like to thank Daniel Bour and his team for their trust.”

Astris acted as exclusive financial advisor to Générale du Solaire. This landmark transaction further demonstrates Astris’s premier position in the European renewable M&A sector, where we have closed 10 transactions over the last 12 months.

May 2023 - Astris Finance Congratulates Q ENERGY France for the Successful Debt Closing of EUR 96m for a 73MWp Solar PV and Wind Portfolio Located in France

Paris, May 2023 - We are pleased to announce the closing of the Falcon project in which we assisted Q ENERGY France (ex RES France), a French leading developer fully owned by the Korean conglomerate Hanwha, in the EUR 96m financing of a 73MW solar PV and wind portfolio composed of 4 projects located in France.

Three assets are benefiting from 20y CfDs with EDF and one solar PV plant has secured a 15y corporate PPA. Two projects reached COD in the course of 2022, while the two remaining assets will be commissioned by Q1 2024. Some assets of the portfolio are eligible for the emergency measures announced by the French government last summer.

The EUR 96m facilities were provided by Credit Agricole Unifergie as sole lender.

Astris Finance acted as exclusive financial advisor to Q ENERGY France in the structuring of the transaction until financial close, the whole process having been completed within a record timeframe of less than 3 months.

April 2023 - Astris Finance Congratulates its Client Third Step Energy for the closing of a €130 million Capital Raise

Paris, April 2023 - Astris Finance congratulates Third Step Energy (“TSE”), a leading independent solar energy player in France, for the closing of a €130 million capital raise which will strengthen TSE’s position as a major player in the energy transition in France through the rapid growth in the development of photovoltaic and agrivoltaic solar projects.

The €130 million capital comes from three major players in the energy transition: Eurazeo, Bpifrance and a pool of investors from the Crédit Agricole group, represented in particular by IDIA Capital Investissement and Amundi.

Mathieu Debonnet, founder and CEO of TSE stated: “I would like to thank the Astris Finance team as they’ve structured and processed the capital raise in a very efficient manner. This new capital will allow us to continue to develop according to our model based on quality, long-term local commitment and to actively contribute to the decarbonization of our economy”.

Arnaud Germain, who heads Astris Finance’s operations in France and Germany, said: “We are very happy we advised TSE on this transaction, which will be instrumental for their future development. We would like to thank Mathieu Debonnet, Pierre-Yves Lambert and Frédéric Nicolas for their trust in Astris since our first collaboration back in 2019.”

Astris acted as exclusive financial advisor to TSE. This landmark transaction reinforces Astris’s premier position in the European renewable M&A sector and further strengthens our relationship with TSE who aims at developing 10 GW of solar projects in the next 10 years.

March 2023 - Astris Finance Congratulates its Clients MER and SMEG for the EUR 60m Refinancing of a Solar Portfolio Located in France

We are pleased to announce the closing of the Herculis project in which we assisted Monaco Energies Renouvelables (“MER”), a platform owned by the Principality, and the Monegasque utility SMEG, the historical concessionaire in Monaco responsible for the distribution and supply of electricity and gas for over 130 years, in the EUR 60m refinancing of a 82 MW Solar portfolio of 12 projects located in France.

The transaction was arranged and financed by Société Générale and Unifergie, the facilities being backed by 8-12y feed-in tariffs from EDF OA and forward medium-term power purchase agreements. This innovative refinancing structure provides substantial benefits to Sponsors despite higher financing costs due to the macroeconomic context.

Astris acted as exclusive financial advisor to MER/SMEG. This transaction further strengthens Astris France’s long track record in refinancings.

March 2023 - Astris Finance Congratulates its Client CVE for the Closing of a EUR 100m Capital Raise

Astris Finance congratulates its client CVE, a French renewable energy independent producer, for the closing of a capital raise whereby Intermediate Capital Group plc (ICG) will invest EUR 100m in CVE to finance their expansion.

This new equity injection will fund CVE's growth in areas such as biogas and agrivoltaics in France as well as solar activities in Chile and the US. More generally it will fund CVE's ambitious development plan, aiming at multiplying by four its installed solar capacity to reach 2.7 GW by 2027 and by 8 its biogas capacity to reach 1.5 TWh by 2030.

Pierre de Froidefond, founder and co-chairman of CVE stated: “Thanks to Astris’ financial advice, this operation was set up in a short time frame. It will allow us to continue our development, in a global economic context where the need for renewables is exploding”.

Arnaud Germain, who heads Astris Finance’s operations in France and Germany, said: “We want to thank CVE and more particularly Pierre de Froidefond, Hervé Lucas and Arnaud Réal del Sarte for their confidence in Astris Finance’s capacity to help them close such an important transaction for their development plan. We are very proud to have successfully advised CVE to design and setup this capital raise with a strong partner such as ICG.”
 
Astris acted as exclusive financial advisor to CVE. This landmark transaction further demonstrates Astris’s premier position in the European renewable M&A sector, where we are advising on four transactions of similar nature, that are slated to close in the next 3 months.

March 2023 - Astris advises InfraBridge on a c. USD 150 Mn financing of e-buses fleets in Colombia

Bogotá, March 2023 - Astris Finance congratulates its client InfraBridge (previously AMP Capital's global infrastructure equity) for achieving financial close regarding the concessions of Fontibón and Usme (“the Projects”).

The Projects are part of the Transmilenio transit system in Bogotá, consisting in the replacement of 401 buses used for public transportation with new electric buses and the design and construction of the support and ancillary infrastructure (warehouses, chargers, etc.) under a 15-y concession agreement. Our client, InfraBridge, acquired an 80% participation in these concessions from Italian developer Enel X; the e-buses were provided by tier-1 Chinese automotive producer BYD and are being operated by local company Transvial.

The c. USD 140 Mn dual-currency facilities were provided by BNP Paribas and IDB Invest (including a UK-SIP tranche) under the sustainable loan framework, together with c. USD 11 Mn DSRF provided by BNP Paribas as sole issuing bank.

The acquisition and financing of the Projects comes right after DigitalBridge Group acquired AMP Capital’s global infrastructure equity investment management business.

“We are particularly happy to celebrate our first successful transaction with InfraBridge for a very promising sector. It makes it even better when we participate in projects that have an instant and direct positive effect in the everyday life of Colombians.” stated Santiago Pardo, Head of Astris Finance in Colombia.

“We are delighted to have advised InfraBridge in this landmark financing in Colombia under a sustainable loan framework. This double financial close of dual-currency financing is the perfect illustration of what Astris Finance does: full commitment to structure around the challenges our clients face and creativity to work with the widest array of financing sources possible.” stated Damien Dupa, Associate Director at Astris Finance.
Astris acted as exclusive financial advisor in both stand-alone financings and assisted InfraBridge in the buy-side process. These transactions represent Astris’s first participation in the e-mobility sector and further demonstrate Astris’ premier position in the Colombian renewable energy and infrastructure advisory market, where we are currently advising on six transactions across a variety of sectors.

January 2023 - Astris Finance advises Ecopetrol S.A. in connection with the approximately 100MW IGA Solar PV project in Colombia

Bogotá, January 2023 – Astris Finance advises Ecopetrol S.A. in connection with its recently announced partnership with Total Eren to develop, finance, construct and operate an approximately 100MW Solar PV project in Colombia

Astris Finance congratulates its client Ecopetrol S.A. (“Ecopetrol”), the largest company in Colombia and one of the most important diversified energy companies in the Americas on the recently announced signing of a binding agreement to develop, finance, construct and operate the approximately 100MW IGA Solar PV project in Colombia (the “Project”) with Total Eren, a leading global renewable energy IPP.

The Project will be built in the Rubiales oil field, owned by Ecopetrol and one of the most important fields in the Colombian hydrocarbons industry, located in the municipality of Puerto Gaitán, Meta. Ecopetrol will be using the electricity generated by the Project to provide power to the Rubiales oil field under a 17-year PPA, replacing other sources of energy.

Ecopetrol selected Total Eren to develop, finance, construct and operate the IGA Project after a competitive process. Total Eren will have a 51% share in the IGA Project and Ecopetrol will own the remaining 49%. Construction is expected to begin during the first quarter of 2023, with operation of the plant scheduled to begin one year later.

Astris acted as exclusive financial advisor to Ecopetrol and assisted in the structuring of the Project as well as in the design and execution of the competitive selection process for the partner. The transaction, which was recently signed in January  2023, also represents a major investment for Total Eren in the renewable energy sector in Colombia.

“We are very pleased to have advised Ecopetrol in connection with this partnership. The transaction represents the first direct investment for Ecopetrol in the solar PV sector and is a very important step in the execution of its long-term renewable energy strategy. We congratulate both Ecopetrol and Total Eren and wish them success in their partnership”, said Santiago Pardo, Head of Astris Finance in Colombia.

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