EMEA

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.

 

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.

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.