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.