Munich, March 2026 - Astris Finance congratulates ENERPARC, a global specialist in megawatt-scale solar power plants, for the closing of a €500m medium-term junior debt facility, aiming at providing a significant share of the construction equity for projects in Germany, France, and Spain over the next five years – on a scale that is exceptional in the renewable energy segment.
With a fully owned portfolio of PV projects in operation or under construction of approx. 5GW, ENERPARC is Germany’s leading solar IPP. After commissioning 1.2 GW of new solar capacity in 2025, ENERPARC is now planning an increase in the expansion volume for 2026, as well as a significant ramp-up of its battery storage systems (BESS): 24 BESS with around 220 MWh are currently in operation or under construction, the majority of which are co-location storage systems in combination with the company's own solar parks.
The €500m junior loan, structured and placed by Astris, is provided by a consortium of three global asset managers: EIG, Schroders Capital and Eiffel Investment Group. This underscores the confidence of renowned financing partners in the development of renewable energies and in the long-term prospects of the German market.
ENERPARC CEO Christoph Koeppen: “This milestone junior financing structured and placed by Astris Finance provides us with the resources to accelerate our contribution to the energy transition – including the energy storage space – and our international expansion. We are grateful to the Astris Finance team who worked hand in hand with our internal finance team and spared no effort to close this innovative financing.”
Astris Finance Head of European Operations Arnaud Germain and Head of DACH Dennis Schroeder said: “we want to thank the ENERPARC team for the trust they placed in Astris Finance and the great cooperation in setting-up this high-profile financing. We are very pleased with the outcome: we worked under a very tight timeline, arranging and closing this tailor-made financing in just under six months. With EIG, Schroders Capital and Eiffel Investment Group, we selected a group of sophisticated lenders, whose intimate knowledge of the renewable sector and willingness to adapt to the operational setup of ENERPARC have been key success factors.”
Astris Finance CEO Fabrice Henry added: “We have been impressed by the robustness and sophistication of the ENERPARC industrial machine, and we designed a financing structure that will provide the firepower needed for this machine to keep growing over the next several years – without diluting the ENERPARC shareholders at a time where the equity markets are dislocated and would only provide very expensive capital.”
Astris acted as exclusive financial advisor to ENERPARC. This landmark transaction is not only a great achievement in its own right — it also marks the beginning of what we believe will be an excellent relationship with ENERPARC, and a meaningful step forward in expanding our German franchise and growing our Munich based team.
February 2026 - Astris advises GreenYellow on a €400m debt raising
Paris, February 2026 – Astris Finance congratulates its client GreenYellow, a global leader in distributed energy solutions, on the closing of a € 400 million debt financing of a large portfolio of PV assets coupled with storage deployed across the entire French territory.
This project financing supports the development of +350 solar power plants on parking carports, exclusively dedicated to the Commercial & Industrial (C&I) segment, representing an installed capacity of approximately 385 MWp and an estimated annual production of nearly 480 GWh of renewable, local and competitive electricity – equivalent to the annual electricity consumption of a city of 200,000 inhabitants.
The transaction was arranged by Caisse d'Epargne CEPAC, Crédit Agricole CIB, Crédit Agricole Transitions & Energies and BPI France.
Astris acted as exclusive financial advisor to GreenYellow. This financing is another milestone in our collaboration with GreenYellow across several geographies and a testimony of Astris’s exceptional credentials in the European renewable financing space.
February 2026 – Astris raised € 5bn+ of debt for its European clients in 2025
Paris, February 2026 - In 2025, Astris advised on 16 European debt financing mandates across six countries: France, Spain, Germany, Italy, Poland, and Estonia. The facilities raised comprised 46% senior debt refinancings, 34% greenfield senior debt financings, and 20% holdco/junior debt financings.
Highlights
We led the three largest French RNW financings/refinancings in 2025: the wind and solar portfolio refinancing of JPEE, the hydro assets refinancing of Hydrocop, and the financing of C&I PV assets + storage for GreenYellow.
We advised Spanish renewable developer BRUC in the optimization of its capital structure at senior and topco level, raising in excess of € 1 bn debt in two transactions.
We structured and placed one of the largest fiber optic refinancings in Europe in 2025, the € 735 m Losange FTTH refinancing for sponsors Altitude Infrastructure, NGE Fibre and Caisse de Dépôts – with an innovative bank/bond dual tranche structure.
We closed the largest pure-merchant standalone BESS deal ever project-financed in Europe, the 200 MW/400 MWh BESS Herz 1&2 projects in Estonia, for Mirova, Corsica Sole and Evecon.
We advised Germany’s leading solar developer Enerparc in raising a sizeable, highly-structured debt facility. This complex deal was executed in under 5 months.
Arnaud Germain, Head of Europe at Astris, said: “We are proud to have supported our clients in achieving numerous successful closings in 2025. These transactions span a diverse range of countries, sectors, and debt products, demonstrating the depth and versatility of Astris's expertise across Europe.”
Fabrice Henry, Astris’s CEO, added: “In a rapidly evolving European energy landscape marked by ongoing financial market volatility, our sponsors require both creativity and rigor to optimize their financing transactions -- two hallmarks of Astris's approach. Building on our 2025 successes, we are committed to expanding our presence in the energy transition and digital infrastructure spaces in the years to come.”
December 2025 - Astris advises Amarenco on the successful €65m repowering and refinancing of a battery storage asset located in France
Paris, December 2025 - Astris Finance congratulates its client Amarenco, a leading Irish-based solar IPP, for the raise of a €65m debt facility for the repowering and refinancing of a battery storage asset located in southwestern France (“Claudia”). This transaction also marks the start of a long-term partnership with Banque des Territoires, the investment arm of State-owned Caisse des Dépôts.
Originally designed as a 1-hour BESS, Claudia is now being upgraded to 2 hours of storage, doubling its energy capacity - from 105 MW / 100 MWh to 94 MW / 188 MWh -, significantly increasing its value for the power system and extending the asset’s lifetime while reusing existing infrastructure. First battery deliveries are expected in spring 2026, with commercial operation planned for early 2027.
The transaction was arranged and financed by Société Générale and Rabobank.
Astris acted as exclusive financial advisor to Amarenco. This transaction is Astris’s fifth closing with Amarenco over the past 3 years and an additional credential in the very dynamic European BESS space.
December 2025 - Astris advises Technique Solaire Group in the successful closing of a €40m junior facility complementing the €302m senior debt raised in April
Paris, December 2025 - Astris Finance congratulates Technique Solaire Group, a French leading independent renewable energy producer, for the raise of a €40m junior debt facility. This financing will contribute to the financing of two project portfolios totaling 626 solar photovoltaic plants - rooftops, ground-mounted and floating - for a total capacity of 392 MWp. The assets are located in France, Spain and the Netherlands.
The transaction was subscribed by BNP Paribas Asset Management.
Astris acted as exclusive financial advisor to Technique Solaire. This financing comes on the heels of the €302m senior debt raised by Technique Solaire in April 2025 on which Astris acted as exclusive advisor. It is an additional milestone in our cooperation with Technique Solaire, and the 14th financing/refinancing closed in the European RNW space since the beginning of the year.
November 2025 - Astris congratulates TSE on €106 million financial close for a 120MW portfolio of photovoltaic and agrivoltaic plants
Paris, November 2025 – We are pleased to announce the closing of the Aphaia Finance 3 transaction in which we assisted TSE, a leading French solar developer, in the €106 million financing of a 120 MW portfolio of photovoltaic and agrivoltaic assets.
Spread over several French regions, these 15 solar farms will produce clean and renewable electricity each year equivalent to the consumption of more than 70,000 households.
The portfolio includes several agrivoltaic sheds, which illustrates TSE’s innovative strategy to develop synergies between agriculture and solar energy production, thanks to facilities designed to protect crops, improve animal welfare and optimize energy production.
Portfolio’s revenue stream comes both from the French Energy Regulatory Commission regulated tariffs (CfD) as well as from corporate PPAs.
The transaction was arranged by Caisse d'Epargne CEPAC, Crédit Agricole Transitions & Energies and BPI France.
Astris acted as exclusive financial advisor to TSE. This financing is another milestone in our longstanding collaboration with TSE and an additional greenfield solar financing credential in Europe.
November 2025 – Astris congratulates Hydrocop for the refinancing of a 101 MW portfolio of operating hydro assets
Paris, November 2025 – Astris Finance congratulates Hydrocop, a leading hydroelectricity energy developer and producer in France, for the refinancing of a portfolio of operating hydro assets, totaling an installed capacity of 101 MW (the “Portfolio”).
The Portfolio, which consists of 37 hydroelectric plants spread over mainland France is a mix of assets in operation. It is currently largely contracted and gradually transitioning to a predominantly merchant profile towards the end of the financing period.
This refinancing, structured around a new senior debt of €182 million, allows Hydrocop to consolidate its financial structure and free up resources for its ambitious development. The transaction was arranged by BPCE Group, La Banque Postale and BPI France.
Astris acted as exclusive financial advisor to Hydrocop. This transaction marks the start of Astris’s collaboration both with Hydrocop and its main shareholder Soregies and is another refinancing credential in the European renewable energy market.
November 2025 – Astris Finance Congratulates its client JP Energie Environnement for Closing a €430 Million Refinancing for a Wind and Solar Portfolio in France
Paris, November 2025 – Astris Finance Congratulates its client JP Energie Environnement for Closing a €430 Million Refinancing for a Wind and Solar Portfolio in France
We are pleased to announce the closing of Project Daiquiri in which we assisted JP Energie Environnement, a leading French IPP owned by the Nass family and France’s Caisse des Dépots.
The refinanced portfolio consists of 19 wind farms - including one under construction - and 25 solar plants, representing a total capacity of 427 MW.
The financing was arranged and financed by Bpifrance, CIC, Société Générale, and Crédit Agricole Transitions & Energies, alongside Groupe Crédit Agricole banks. This strategic transaction, initiated in early 2025, strengthens JPEE’s position as a leading player in the energy transition.
Xavier Nass, JPEE’s CEO stated: “This refinancing, completed with the very valuable support of Astris, provides us with the resources to accelerate our contribution to the energy transition while paving the way for new ambitions: organic and external growth, diversification – including in the energy storage space – and international expansion.”
Arnaud Germain, Head of Europe at Astris said: “The Daiquiri transaction further strengthens our relationship with JPEE and its shareholder Caisse des Dépôts and illustrates the added value a financial advisor such as Astris can create on a complex, multi-technology refinancing. We are happy to be able to support our clients on their refinancing plans across Europe with the level of commitment they know us for.”
Astris Finance acted as exclusive financial advisor to JP Energie Environnement from the structuring to the successful closing of the transaction, one of the largest portfolio refinancings in the French renewable market in 2025.
October 2025 - Astris Congratulates its Clients for Closing a €85.6m Financing for one of the Largest Battery Storage Projects in Continental Europe
Paris, 31 October 2025 - The Baltic Storage Platform (BSP) joint venture - bringing together French independent solar power producer Corsica Sole, Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investment, and Estonia’s leading renewable energy developer Evecon - has successfully secured €85.6 million in financing from the European Bank for Reconstruction and Development (EBRD), Edmond de Rothschild Asset Management, and the Nordic Investment Bank (NIB) for its two battery energy storage projects, Hertz 1 and Hertz 2, located in Estonia.
The two projects are located in Kiisa and Aruküla, both approximately 25 km from Tallinn. With a combined capacity of 200 MW of power and 400 MWh of storage capacity, Hertz 1 and Hertz 2 will form one of the largest battery plants in continental Europe. Both projects are currently under construction and will be fully operational by the end of 2025 and 2026 respectively. These assets will play a critical role in stabilizing the Baltic power system following recent synchronization with the European grid, and in accelerating the phasing-out of fossil fuels.
This groundbreaking transaction represents the first project financing in the Baltic countries that is exclusively structured around the revenues generated by storage assets in the energy arbitrage and ancillary services markets. The private sector’s direct investment in a strategic energy infrastructure offers a concrete response to the Baltic region’s security-of-supply and energy independence challenges.
Astris Finance acted as exclusive financial advisor to Mirova, Corsica Sole and Evecon. This closing is a testimony to our ability to assemble the best mix of funding sources for complex, innovative transactions, and builds on our strong track record in the battery storage sector in Europe.
October 2025 - Astris Finance Congratulates Altano Energy on €81 Million Financial Close for Hybrid Renewable Portfolio in Spain
Madrid, October 2025 – Astris Finance congratulates its client, Altano Energy (“Altano”), for securing an €81 million facility to finance the construction of its multi-technology renewable energy portfolio in Andalucía, Spain.
With an installed capacity of 94 MW across two onshore wind farms and three solar photovoltaic plants, this portfolio represents a significant milestone in the decarbonization of southern Spain as it will produce near base load electricity given the complementarity of solar and wind production in this region of Spain. It is expected to be fully operational in 2027.
The financing was structured with ING acting as Mandated Lead Arranger, Lender, Original Hedging Counterparty, and Green Loan Coordinator. The transaction strengthens Altano's network of financial partners and reaffirms market confidence in its business plan.
Astris Finance acted as exclusive financial advisor to Altano. This landmark deal reinforces Spain’s leadership in innovative hybrid renewable platforms and highlights Astris’ strong track record in advising complex clean energy financings.
October 2025 - Astris Finance Congratulates Enfinity Global on €316 Million Financial Close for Utility-Scale Solar Portfolio in Italy
Madrid / Milan, October 2025 – Astris Finance congratulates its client, Enfinity Global (“Enfinity”), for the raise of a €316 million facility to fund the construction of eight utility-scale solar power plants in Italy. With a total planned capacity of 276 MW, these projects will make a significant contribution to Italy’s energy transition and are expected to be fully operational by the end of 2026.
The solar power plants are strategically distributed across the regions of Emilia Romagna, Basilicata, and Lazio, supporting regional energy security and Italy’s decarbonization targets.
The financing was structured through a club deal with ING, Rabobank, and BNP Paribas acting as Mandated Lead Arrangers, Lenders, Original Hedging Counterparties, and Green Loan Coordinators.
Astris Finance acted as exclusive financial advisor to Enfinity, providing strategic and financial support throughout the transaction, from structuring to successful close. This achievement further consolidates the strong partnership built over the last 3 years between Astris and Enfinity: to date, Astris has advised Enfinity in raising over €800 million of financing for more than 700 MW of solar PV projects in Italy.
August 2025 - Astris Congratulates its Client BRUC for the Refinancing of a €650m Corporate Facility
Madrid, August 2025 – We are pleased to announce the successful closing of the refinancing of BRUC’s €650m corporate debt through a green loan facility provided by Santander, ING, Schroders Capital, Infranity, ICO and BNP Paribas.
This facility replaces the initial financing closed in 2023 and supports BRUC’s 6,600MW clean energy business plan in Spain. The funding enables construction, commissioning and hybridization of solar, wind and battery storage assets.
BRUC currently has 1.96GW of projects in operation, 487MW of projects under construction, and a 4.15GW development pipeline. In the first half of 2025, it produced 1,650GWh of electricity, which met the needs of c. 420,000 households and avoided 477,000 tons of CO₂. This refinancing is another testimony of continued institutional confidence in BRUC’s long term strategy.
Astris acted as financial advisor to BRUC. This closing underscores our ability to craft tailor-made financing solutions for the leading renewable energy developers and confirms Astris's expertise in structuring corporate financings and optimized capital structures.
June 2025 – Astris Finance Advises on the Sale of Project Mainland, a 62 MW Operational Solar PV Portfolio in Spain
Madrid, June 2025 – Astris Finance is pleased to announce the successful closing of Project Mainland, the sale of a 62.1 MWp operational solar photovoltaic portfolio located in Navarra, Spain. Astris Finance acted as exclusive financial advisor to Amarenco Group on the 100% sale of the portfolio to Octopus Energy Generation, one of Europe’s leading renewable energy investors.
The portfolio comprises two plants – Project Guardián (37.2 MWp) and Project Cierzo (24.9 MWp) – both commissioned in October 2024 and currently operating under a fully merchant revenue scheme. The assets were previously financed under a mini-perm structure arranged by Astris Finance in 2023.
With this transaction, Astris Finance further consolidates its position as a leading financial advisor in the Iberian renewable energy market, where the firm is currently advising on multiple mandates across equity and debt transactions.
May 2025 - Astris congratulates its client Losange for the EUR 735m refinancing of its very high-speed broadband concession in northeastern France
Paris, May 2025 – Astris Finance congratulates its client Losange for the successful EUR 735 million refinancing of its very high-speed broadband concession in northeastern France.
In July 2017, Région Grand Est, the regional government for northeastern France, awarded a concession (known as “Délégation de Service Public”) for the design, construction, operation, marketing and financing of a superfast broadband network covering the seven of the region’s ten departments to Losange SAS, a project company owned by Altitude Infrastructure THD (part of the Altitude Infra group, 57%), NGE Fibre (part of NGE group, 22%) and Caisse des Dépôts et Consignations - Banque des Territoires (21%).
On May 27, 2025, Losange closed the refinancing of its initial senior debt package through a innovative, long-term amortizing facility for a total amount of EUR 735 million, composed of a 26-year, fixed-rate bond of EUR 325 million; a 20-year, variable-rate bank loan of EUR 375 million; and a debt service reserve facility of EUR 35 million.
The bond was subscribed by AXA Investment Managers and Allianz Global Investors; while the bank tranche was arranged by Société Générale (who also acted as documentation bank and agent), Arkéa CIB & Crédit Mutuel Arkéa, the BPCE group (BRED Banque Populaire, Caisse d’Epargne Ile-de-France, Caisse d’Epargne Normandie, Caisse Epargne Grand Est Europe and Natixis), the Crédit Agricole group (AUXIFIP, Crédit Agricole Alsace-Vosges, Crédit Agricole de Lorraine and LCL), La Banque Postale and Nord/LB. The same bank group provided an interest rate swap.
Astris acted as exclusive financial advisor to Losange in the structuring and placement of the refinancing.
Florent Nicol, Director at Astris Finance France, said: “the French regulated FTTH sector is slowly evolving into a mature market, with the first concessions reaching refinancing stage and their deployment rate stabilizing. Commercial ramp-up is driven by customer migration from broadband to optical fiber – a trend expected to benefit from the regulatory push for the complete switch-off of copper lines by 2030 as per the Plan France Très Haut Débit. This favorable context, coupled with the quality of the Losange asset, allowed us to optimize the capital structure with a long-dated, dual bank-bond tranche – tailor made to the appetite of the two liquidity buckets in terms of maturity and pre-payment risk.”
This landmark refinancing is a testimony to Astris’s positioning as market leader in debt advisory across the full spectrum of infrastructure and energy sectors. It is also an additional milestone in our longstanding collaboration with the Losange shareholders.
April 2025 - Astris advises Technique Solaire in the successful raise of a €302m landmark pan-European greenfield financing.
Paris, April 2025. Astris advises Technique Solaire in the successful raise of a €302m landmark pan-European greenfield financing.
Astris Finance congratulates Technique Solaire, a leading independent renewable energy producer, for the raise of a €302m landmark pan-European greenfield long-term debt facility to finance the construction of a portfolio of 341 assets, with an aggregate capacity of 240 MW across France, Spain and Netherlands. The innovative asset mix in the portfolio - multiple jurisdictions, PV technologies, and offtake strategies - attracted very strong market support. This financing is the largest secured by Technique Solaire to date.
The portfolio illustrates Technique Solaire’s unique multi-product expertise in the PV field: agricultural sheds, climate shelters, pheasant breeding rooftops, greenhouses, ground-based and floating projects. A majority of the portfolio’s revenue stream comes from regulated tariffs. The portfolio will be commissioned between 2025 and 2027.
The transaction was arranged by Société Générale, Crédit Agricole Transitions et Energies, and BPI France.
Astris acted as exclusive financial advisor to Technique Solaire, achieving a very tight timeline of less than 4 months from structuring to financial close. This transaction is another landmark financing credential for Astris in the European solar PV markets – our 20th in the past 24 months.
February 2025 - Astris Finance Advises on the Sale of Project El Fenazar, a 30 MW Solar PV Asset in Spain
Madrid, February 2025 – Astris Finance is pleased to announce the successful closing of the project El Fenazar, a 30 MW solar photovoltaic (PV) asset located in Murcia, Spain, which has been acquired by GS Inima, a global leader in environmental services specializing in the integral water and energy cycle. The transaction was completed in December 2024.
The project, developed to Ready-to-Build (RtB) status, will integrate bifacial modules and solar tracking technology, optimizing energy generation to reach an expected 60,000 MWh per year, equivalent to the consumption of more than 5,500 households. With all permits obtained, construction is set to commence in Q4 2025 and is expected to be completed within two years, with commissioning planned for 2027.
After a period of slower development due to permitting challenges, low energy prices, and high financing costs, Spain’s renewable energy sector is showing signs of recovery. Investor appetite is strengthening, particularly for high-quality, shovel-ready assets, as European decarbonization targets and improving market conditions help restore confidence. The increasing availability of financing for mature projects and a renewed focus on grid capacity improvements are further supporting this positive momentum.
Astris Finance acted as exclusive financial advisor to the seller, a leading European private equity firm specialized in the energy transition, with over 25 years of experience in the renewable energy sector and a strong presence across Europe with more than €6.3 billion of assets under management. This transaction further strengthens Astris Finance’s track record in Spain’s renewable energy sector, where the firm is currently advising on 8 equity and financing transactions.
January 2025 - Astris Congratulates its Client Greenalia for the Closing of a €97m Renewable Energy Financing in Spain
Madrid, January 2025 – We are pleased to announce the successful closing of the Greenalia Power Spain financing, in which we assisted Greenalia S.A., a 100% renewable energy producer, in securing €97 million funding from Macquarie Asset Management. The transaction confirms Greenalia's strong commitment to clean energy and reinforces its position as a leading independent power producer in the renewable sector.
This structured corporate financing will contribute to the expansion and optimization of Greenalia’s current renewable energy development pipeline of 15.5GW, enabling further investments in onshore wind, biomass, solar photovoltaïc, and storage projects.
The funding is provided by Macquarie Asset Management and its structure aligns with Greenalia’s strategy of leveraging long-term, sustainable capital to accelerate the development of its pipeline across key markets.
Astris acted as exclusive financial advisor to Greenalia. This closing underscores our ability to craft tailor-made financing solutions for the leading renewable energy developers and confirms Astris's expertise in structuring corporate financings and optimized capital structures.
January 2025 - Astris hires Managing Director in Germany
Munich, Germany – January 13, 2025. Astris Finance hires Managing Director in Germany to cover Europe’s largest renewable energy market and wider DACH region (Germany, Austria and Switzerland).
Astris Finance, the leading independent financial advisory firm specialized in energy transition, has been increasingly active in Western Europe since it opened its Paris office ten years ago and its Madrid office five years ago. In the European renewable sector, Astris has managed more than 150 transactions, both in the debt financing space where the firm has raised in excess of € 10bn of senior, mezzanine and Topco debt, and in the M&A space where the firm has managed c. 70 processes across ten European countries. A key differentiating success factor of Astris is the holistic advisory approach across the whole capital structure combined with deep sector knowledge and the understanding of local markets. For the past three years, we have ranked #1 in the IJ Global League Tables for European Renewable Energy Financial Advisory by number of deals closed.
Among the recent transactions closed by Astris in Germany is the c. € 150m senior debt raise for the Bartow solar project developed by leading German renewables player Encavis (now owned by a KKR-led consortium) - a 260 MWp project located about 150 kilometers north of Berlin in the state of Mecklenburg-Vorpommern, the second largest PV facility in Germany. The project will sell the bulk of its output to LyondellBasell through a 12-year power purchase agreement (PPA).
Germany has become a strategic priority for Astris: The German economy is the single largest power consumer and deepest renewables market in Europe, and the amended Climate Change Act of June 2021 set a net zero objective for year 2045. This will require massive investments in renewables, flexible generation (e.g. storage, hydrogen) and grid infrastructure. An estimated € 700bn investment is expected to be made in the years leading up to 2030.
In this context, Astris is setting up a full-fledged team on the ground. Our effort will be led by Arnaud Germain, who heads our European operations, and Dennis Schröder, the newly appointed Managing Director of our Munich office overseeing the DACH region. Dennis joins Astris from BNP Paribas where he led the Power & Utilities, Renewables sector team for the DACH region as Managing Director for the past two years. Prior to this, he spent three years as Senior Banker with the Energy & Utilities team of UniCredit, five years as Head of Energy for Germany with SEB, and seven years at RBS as a senior member of the Power & Utilities sector team for DACH and CEE. He started his career working for Deutsche Bank. Overall, he has a background of 20+ years in investment banking, including 15 years with a special focus on the Power & Renewables sector. He has executed transactions representing over € 10bn in cumulative investment in the energy transition space.
Fabrice Henry, CEO of Astris, explains: “We are very excited to welcome Dennis and expand our team out of Munich. This is a key step in the implementation of our ambitious European strategy at a time when Energy Transition is a top-priority public policy agenda – in terms of sovereignty, environmental and social sustainability, as well as economic competitiveness. Our German presence will help us consolidate our position as a leading independent advisor in the Energy Transition space in Europe and globally.”
Dennis Schröder, Managing Director and Head of Germany and DACH said: “The German energy transition has made good progress with regards to the decarbonization of power generation by significantly expanding renewable energy – but there is still much to do to develop an integrated sustainable generation mix and a power grid capable of handling the volatility of renewables especially in extreme ‘Dunkelflaute’ scenarios (prolonged absence of wind and sun). As regards the renewables market, we are seeing older projects exiting the guaranteed revenue regime established by the Renewable Energy Act (EEG) of 2000 – to the tune of 3 to 5 GW per year. These projects will need to craft new revenue schemes, by participating in renewable auctions following a repowering, sourcing a corporate PPA, or simply selling in the spot market. On the other hand, the massive investment program ahead – with a target in excess of 10 GW of new generation and in excess of 5 GW of BESS per year until 2030 – is likely to create a need for capital structure optimization and asset rotation for German developers; it will also require the injection of fresh liquidity by new investors at a competitive cost. In this dynamic market context, we are confident we will be able to use our deep experience in renewable markets globally combined with our holistic approach to help create value for our clients – both strategics and financials.”
December 2024 - Astris Congratulates its Client TSE for the Closing of a 100m€ Greenfield Solar PV Financing in France
Paris, December 2024 - We are pleased to announce the closing of the Aphaia Finance 2 transaction in which we assisted TSE, a leading French solar developer, in the 100m€ financing of a 120 MW portfolio of seven ground-mounted PV assets located in France.
This transaction follows the successful Aphaia Finance 1 closing completed in May 2024, and is the second financing for the 1.6 GW Aphaia platform. TSE launched the Aphaia platform in 2021 – with Astris acting as financial advisor – as a strategic partnership with Banques des Territoires and Credit Mutuel Impact, to finance the growth of TSE’s ground-mounted solar PV activities.
The Aphaia Finance 2 portfolio revenues come from a combination of 20-year Contracts for Difference (“CfD”) with EDF and a corporate PPAs secured with Albéa, a global leader in perfume and cosmetic packaging.
The transaction was arranged by Caisse d’Epargne CEPAC and Crédit Agricole Transitions & Energies.
Astris acted as exclusive financial advisor to TSE. This financing is another milestone in our longstanding collaboration with TSE and an additional greenfield solar PV financing credential in Europe.
December 2024 - Astris Finance Congratulates its Client CVE Biogaz for the Closing of a EUR 70m Capital Raise
Paris, December 2024 - Astris Finance congratulates its client CVE Biogaz, a subsidiary of the independent renewable energy producer CVE and a major player in the recovery of organic matter and anaerobic digestion in France, for the closing of a capital raise whereby BNP Paribas Asset Management's Low Carbon Transition Infrastructure Equity Fund (“BNPP AM”) will invest EUR 70m. It will enable CVE Biogaz to accelerate its development and strengthen its position in the biogas market in Europe.
The investment by BNPP AM follows that of Swen Capital Partners, which had injected EUR 40m in CVE Biogaz between 2021 and 2023. It underlines the confidence of institutional investors in the potential of biogas to accelerate the energy transition and strengthen the circular economy.
Hervé Lucas, co-founder of CVE stated: “This transaction, achieved with the very valuable support of Astris, will allow us to continue our development. We want to actively contribute to the ambitions of the French biogas sector, which aims at increasing the share of renewable and low-carbon gas to 20% of our national consumption by 2030, from 2% today”.
Arnaud Germain, who heads Astris’s operations in Europe, said: “We want to thank CVE for their trust in Astris Finance’s capacity to help them close such an important transaction for the development plan of CVE Biogaz. We are very proud to have successfully advised to design and setup this capital raise with a strong partner such as BNPP AM.”
Astris acted as exclusive financial advisor to CVE Biogaz. This landmark transaction further reinforces the relationship between Astris and CVE, and is also a testimony to Astris’s ability to work on a wide array of sectors related to energy transition.