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 Advises ACS on the Sale of a Stake in a Tollroad in Texas

Washington DC, December 2023 - Astris Finance is pleased to have advised its client ACS for the successful sale of 56.8% of SH-288 toll-road in Houston, Texas. Astris Finance extends its heartfelt congratulations to ACS and Abertis for the completion of that transaction. The SH-288 is one of the most important and visible assets in Texas and a prime acquisition for Abertis, consolidating the group's presence in the US.

This achievement further strengthens Astris track record in the US and underscores our commitment to delivering exceptional value and excellence on a global scale. Astris is currently mandated in 4 important transactions in the US infrastructure sector.

June 2023 - Astris advises VINCI Highways and Conconcreto on a c. USD 575 Mn financing for the Via 40 Express tollroad project in Colombia

Bogotá, June 2023 - Astris Finance (“Astris”) is pleased to announce that the Via 40 Express toll road project in Colombia reached financial close in Q2 2023: this is the second largest financing ever completed in Colombia in the toll road sector, and marks a successful milestone in our 10-year long relationship with VINCI Highways and Conconcreto in Colombia. In tightening liquidity conditions, the financing of Via 40 Express rests on an innovative cross-currency tranche which speaks to our firm’s ability to design innovative financing products for our clients’ most challenging endeavors.
 
Via 40 Express is a 142 km brownfield 4G Private Initiative toll road concession project in Colombia. The sponsors of the Project are VINCI Highways and Conconcreto (collectively, the “Sponsors”) with a participation of 75% and 25% respectively. Via 40 Express is one of the principal corridors in the country being the main road leading from Bogotá to the southwest of the country, eventually connecting with the port of Buenaventura. The project is subject to 100% traffic risk, with no availability payments and/or traffic support from the Government.

Astris has been working on the Project since the bid stage process (2016).  In February 2021 Astris closed a non-recourse Bridge Loan for Via 40 Express, and this transaction successfully refinanced the Bridge Loan and provided sufficient funding to finalize construction of the Project.

During the financing process, which dealt with challenging circumstances including the Odebrecht scandals in Colombia, the COVID-19 pandemic and the recent inflationary/interest rate environment, Astris, the Sponsors and Via 40 Express explored all possible financing options, including international capital markets under rule 144A, multilaterals, local banks, local debt funds and international commercial banks. The final financing structure included a total non-recourse financing package of COP 2,602 million (USD 575 million) split as follows:

• short term financing: COP 827 million (USD 183 million) COP denominated 5-year revolving facility with an innovative borrowing base structure to finance trapped toll road income during construction period (this facility was partially funded by international lenders using a synthetic COP structure);

• long term financing: COP 1,775 million (USD 392 million) financed with local commercial banks, FDN and local debt funds with 12, 15 and 20 years tenors respectively.

This project marks a very important closing for VINCI Highways, being its first long term transaction in Colombia and one of the biggest toll road financings in the country. Closing was completed just after VINCI Highways completed the purchase of a 25% stake in the SPV from Conconcreto and a 100% stake in the EPC. 

Astris acted as exclusive financial advisor to Via 40 Express. So far this year, Astris has reached financial close on 4 financing and M&A transactions in Colombia.

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.

December 2022 - Astris Finance Congratulates its Clients Cymi and Brookfield on the Successful Closing of two Transmission Lines in Brazil for an Aggregate Amount of c. BRL 1.7bn

December 2022 – Astris Finance is pleased to announce the successful financial close in connection with Dunas Transmissão de Energia S.A. (“Dunas”), a 408 km transmission line project located in the northeast of Brazil, and Pampa Transmissão de Energia S.A. (“Pampa”), also a transmission line project - 326 km long - located in the south of Brazil.

The financing package for Dunas totaled BRL 920m (c. USD 184m) and it is comprised of BNB and BNDES, which for the first time in the transmission line sector will share project collateral. Both sources funded their first disbursements in Q3 2022.

Pampa, on the other hand, obtained a total financing package of BRL 742m (c. USD 148m) from BNDES that provided financing through a combination of an innovative infrastructure debentures structure and a backstop facility.

Dunas is fully controlled by Cymi Construções e Participações S.A. (“Cymi”), a subsidiary of the French group Vinci S.A., while Pampa is owned both by Cymi and by Brasil Energia Fundo de Investimento em Participações Multiestratégia, a subsidiary of Brookfield Asset Management.

Astris acted as exclusive financial advisor in both projects, supporting the sponsors during the entire financing negotiation and structuring process, through first disbursement.

Astris has a long track record in the transmission sector in Brazil, where we have advised clients across M&A, bid stage, financing and refinancing transactions. In the last 5 years, Astris successfully structured and closed more than BRL 10 billion (c. USD 2 billion) in financings in the Brazilian transmission line sector alone.

December 2022 - Astris advises VINCI in connection with the acquisition of a majority stake in Entrevias road concession in Brazil

São Paulo, December 2022 – Astris advises VINCI Concessions SAS in connection with the acquisition of a majority stake in Entrevias road concession in Brazil

Astris Finance congratulates its client VINCI Concessions SAS (“VINCI”), a leading global long term infrastructure investor, on the acquisition of 55% stake in Entrevias, a brownfield road concession located in the state of São Paulo, Brazil from the previous controlling shareholder, Patria.

The transaction, which was signed on December 1, marks the debut of VINCI in the road sector in Brazil. Patria will retain a 45% stake in the asset.

The Entrevias road concession is 570km long and crosses São Paulo State from north to south; there were around 30 million transactions in 2021.

”We are very pleased to have advised VINCI in connection with this partnership. The transaction is a milestone for VINCI in the Brazilian road sector and establishes a platform which will allow our client to further expand its business in Brazil.” said Daniel Uzueli, Astris’s Head of Brazil.

Astris acted as exclusive financial advisor to Vinci. Astris has a long-standing global relationship with Vinci: in the past 10 years, we have advised Vinci and its affiliates on as many transactions across the Americas, Europe and Southeast Asia.

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

October 2022 - Astris Finance congratulates Sonnedix on the successful acquisition of ARCO, one of the largest independent renewable power producers in Chile.

Astris Finance congratulates its client Sonnedix on the successful acquisition of 100% of ARCO, one of the largest independent renewable power producers in Chile. Astris acted as exclusive buy-side financial advisor to Sonnedix in the transaction.

Arco is a large solar and wind generation platform in Chile consisting of 290MW of operational capacity and 200+ MW under development, previously owned by Arroyo Investors. The assets are geographically diversified across the country and include both utility scale and small-and-medium sized generation facilities (known in Chile as “PMGDs”). While Sonnedix has been active in the solar PV space in Chile since 2015, the ARCO investment represents Sonnedix’s first foray into the Chilean wind sector. In combination with Sonnedix’s existing assets, the portfolio will grow the company’s local Chilean presence to over 1GW of total capacity, and 7.4 GW globally.

Tobey Collins, Head of Astris Americas, commented “We are delighted to have advised Sonnedix in this landmark purchase in Chile. After several collaborations in Europe, we are particularly happy to celebrate our first successful transaction with Sonnedix in the Americas region."

Astris Finance acted as financial advisor to Sonnedix on the acquisition -- the second successful M&A buyside closing in Latin America for Astris over last year, following advising the Celeo Group on the acquisition of Colbún Transmisión in 2021. This transaction further strengthens Astris position as the leading financial advisor in the Latin American renewable space where we have closed 15 transactions in the past 5 years for an installed capacity in excess of 2GW.