EMEA

September 2019 - Astris Closes the Largest French Solar PV Senior Debt Refinancing

Astris Finance is pleased to announce the closing of the Phoenix V transaction, the 810 M€ senior debt refinancing of a 255 MW portfolio of French solar assets held by Terres d’Energie, an investment vehicle jointly owned by Tenergie Group and Credit Agricole Pyrénées Gascogne. Astris Finance acted as exclusive financial advisor to the sponsors on this transaction.

The 170 operating PV assets composing the portfolio had been initially financed through a number of separate project finance facilities. Terre d’Energie took advantage of the attractive market conditions and of the portfolio’s outstanding operational track record to optimize its capital structure. The refinancing made it possible to extend the debt maturity, lower the debt service coverage ratio and significantly reduce financing costs.

The 810 M€ facility was led by BNP Paribas and the Crédit Agricole Group including CA-CIB and Auxifip acting as co-Mandated Lead Arrangers, with the participation of BPI France.

Arnaud Germain, head of Astris Finance activities in France, said: « We are extremely proud to have advised the Tenergie Group and Credit Agricole Pyrénées Gascogne on this landmark transaction, the largest renewable refinancing to date in France. We managed to run a thorough due diligence process and close the transaction in 6 months door-to-door thanks to our seamless cooperation with Tenergie. This is the fifth refinancing transaction we close with Tenergie since 2015. We are very thankful for the trust they have been placing in us over the years. »

 Over the past 4 years, Astris Finance has raised over 3.5 bn € of project finance debt and executed 10 M&A transactions for a total enterprise value of c.5 bn € in the French renewable energy space.

August 2019 – Astris Closes the sale of a 34 MW French solar portfolio, held by Ampere Fund and managed by DIF, to Engie Solar

Astris Finance is pleased to announce the successful sale of the Sunrise portfolio of 3 large scale ground-mounted solar plants minority owned by Ampere Fund to Engie Solar. Astris served as the sole financial advisor to DIF, the independent fund manager. Sunrise is the third transaction on which Astris has advised DIF, following the senior debt portfolio refinancing of the Durance solar PV assets in 2017 and the sale Alpine sale process in 2019.

The total capacity of this portfolio adds up to 34 MW. The portfolio included 3 assets, all of which entered commercial operation in 2011. All projects benefit from 20-year Feed-in Tariffs.

July 2019 - Astris Closes European M&A and Acquisition Financing for Total-EREN

Astris Finance is pleased to announce the closing of the Novenergia transaction, which consisted in the advisory to Total-EREN in the bid process for the acquisition of more than 650 MW of renewable assets across Europe and the raising of a EUR 250m acquisition facility.

 Astris started working in the transaction in November 2018, the acquisition was completed in April 2019, and the acquisition facility was subsequently closed in July 2019, thanks to the collaborative work between Astris’ Paris and Madrid offices.

 The renewable assets span across Portugal, Italy, Spain, France, Poland, and Bulgaria, adding a layer of complexity to this transaction, due to the range of technologies and geographies.

 The facility is a 5-year bullet loan for a total amount of EUR 250m, equally shared equally by BBVA, BNP Paribas, and Natixis. Credit documents were signed on 8 June 2019, and disbursement occurred on 12 July 2019.

Astris Finance acted as the exclusive financial advisor to Total-EREN on this transaction, both for the acquisition of the assets and the raising of the financing. 

May 2019 – Astris Completes Sale of Equity Interest in 300 MWp Solar PV Project in Spain

Astris Finance is happy to announce the closing of the Talasol transaction, the sale of an equity interest in a 300 MWp Solar PV project in Southern Spain. Ellomay’s wholly-owned subsidiary, Ellomay Luxembourg Holdings, S.à.r.l., sold 49% of the outstanding shares of Talasol Solar, S.L.U. (the "Project Company"), to GSE 3 UK Limited and Fond-ICO Infraestructuras II, FICC. Astris’ office in Madrid has worked for the past nine months to close this sale.

 

This Project Company is promoting the construction of a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, in Extramadura Spain (the "Talasol Project").

 

The Talasol Project is one of the first PV projects in Spain to secure a PPA. Ran Fridrich, CEO and a board member of Ellomay, commented: "The entry of partners to Talasol, which is expected to be one of the largest photovoltaic projects in Europe, will mark the final milestone for financial closing and commencement of construction of the project, which will take place right after. The transaction enables us to create an optimal ownership structure that includes entities with advantages both on the local level and on the financial level, alongside the continued control of the project by Ellomay."

Ellomay Capital Ltd., an Israeli based public company, is a renewable energy and power generator, and developer of renewable energy and power projects in Europe and Israel.

 

Astris services as sole financial advisor for this transaction.

April 2019 – Astris closes the sale of a 115 MW French solar portfolio for DIF III and IV

Astris Finance is pleased to announce the successful sale of the Alpine portfolio of 29 solar plants owned by DIF to Terres d’Energie, whose majority stakeholder is Tenergie. Astris served as the sole financial advisor to DIF, an independent infrastructure fund manager. Alpine is the second transaction on which Astris has advised DIF, following the senior debt portfolio refinancing of the Durance solar PV assets in 2017.

The total capacity of this portfolio adds up to 107.8 MW, of which:
•    DIF III was a shareholder in projects which capacities totalled 97.8 MW
•    DIF IV was a shareholder in projects which capacities totalled 10MW

The portfolio included a mix of ground-mounted and rooftop assets, all of which entered commercial operation between 2009 and 2016. All projects benefit from 20-year Feed-in Tariffs. 

Andrew Freeman, Head of Exits of DIF, said: “We are pleased with the completion of the sale of the Portfolio that was successfully optimized throughout the life of the assets, starting with acquiring individual projects or small portfolios, bringing some of them through construction, completing refinancings of two sub portfolios in 2016 and 2017, recontracting and then exiting via a competitive portfolio sales process.”

DIF
DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:
•    DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
•    DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

April 2019 – Astris closes the Julia transaction, the sale of a 115 MW French wind and solar portfolio

Astris Finance is pleased to announce the completed sale of Glennmont Partners’ French renewable portfolio. This portfolio was comprised of both solar PV and wind assets located in mainland France, with a total installed capacity of 115 MW. Following a thorough market consultation, the portfolio was divided into two separate transactions (Wind Assets and Solar Assets). The wind assets were sold to Falck renewables, while the PV assets, car park shelters located on 5 different Renault sites were sold to the leading IPP Sonnedix.

 Glennmont Partners is one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure. Glennmont Partners raises long-term capital to invest in alternative power generation projects, such as wind farms, biomass power stations, solar parks, and small-scale hydropower plants.

 Astris acted as exclusive financial advisor to Glennmont Partners and managed to close the two transactions in a parallel, a key parameter of success for our client.

January 2019 – Astris closes the refinancing of the 500 solar PV plants of Sunzil, a French IPP held by Total and EDF operating in the French Islands

Astris Finance advised Sunzil, a French solar IPP held by Total and EDF, in connection with the refinancing of its portfolio of operating groung-mounted and rooftop PV assets located mostly in the French Caribbean and la Réunion Islands. Sunzil has refinanced the historic loans contracted from various commercial lenders over the past 10 years. Sunzil took advantage of the attractive market conditions and of the portfolio’s 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 € 120 m senior debt facility was led by SMBC and la Banque Postale acting as co-Mandated Lead Arrangers, with the participation of BPI France.

Astris Finance acted as exclusive financial advisor to Sunzil in connection with the refinancing of the portfolio, which is to date the largest portfolio of solar assets refinanced in France (over 500 plants).

September 2018 - Sale of LANGA to ENGIE Green France

Astris Finance congratulates its clients, the shareholders of LANGA, for successfully completing the sale of LANGA to French energy leader ENGIE Green France. 

Founded in 2008 in Brittany, the LANGA group is one of the most active French independent producers of renewable energy. LANGA is present in solar, wind, biogas and biomass. LANGA is involved in the entire value chain of its projects, from development to construction and operation. Its portfolio of assets in operation is expected to reach 215 MW by the end of 2018, of which 165 MW in solar energy and 39 MW in wind energy. LANGA is also developing 1.3 GW of projects due to be completed by 2022. It demonstrated its competitiveness during the most recent CRE2 solar calls for tender, where it came in third with ENGIE taking first place.

Astris Finance served as exclusive financial advisor to the shareholders of Langa on this landmark transaction. The competitive process, was concluded in 6 months from start to finish. It benefited from a thorough vendor due diligence exercise which encompassing over 600 solar and wind assets in development or operation.

Gilles Lebreux, founder and CEO of the LANGA group, stated: “The clarity and determination shown throughout the acquisition proposal as well as the business proposal put forward by ENGIE were key factors in the decision of our shareholder group to project LANGA into the future. The management team has gradually been able to position itself as a major actor in the development of renewable energy in France and in particular in 2017, by winning many calls for tender launched by the CRE. The partnership with Terre et Lac and the support from Astris Finance, as financial advisor, have been major factors in the development of the LANGA group as well as in the timeliness of this alliance.”

Arnaud Germain, a Director in the Paris office of Astris and the Transaction team leader added: “The French renewable energy sector has now entered a consolidation phase, which is reflected by a number of recent, large-scale transactions. The profile of the historical players is naturally leading the sector towards consolidation to create more sizable and better capitalized entities, attracting larger investors. The sector is currently witnessing the execution of several consolidation operations in a variety of forms -- assets sale, acquisition of independent power producers, financial and/or strategic partnerships, where Astris Finance is ideally positioned to play a key role thanks to both its extensive track record in the global renewable space and its intimate knowledge of the French renewable industry.”

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.