Latin America

June 2019- Astris Closes 69.5 MW Solar Portfolio in Chile

Astris Finance is pleased to announce the successful closing of the 69.5 MW Arroyo Solar Portfolio Financing in Chile. The Portfolio includes a mix of greenfield and brownfield assets being developed under the regulated tariff structure of Pequeños Medios de Generación Distribuída (“PMGD”).

 Astris served as the sole financial advisor to the Arroyo Energy Group, a private equity fund based in the United States, and Natixis arranged the financing.

March 2019 - Astris Announces the Closing of Two Solar PV Deals in Mexico and Argentina with Neoen

Astris Finance is pleased to announce that our client, Neoen, has reached financial close on two Solar PV projects in Mexico and Argentina. We acted as financial advisor to Neoen beginning during each respective bidding process through financial close.

 

Astris served as the financial advisor on the Aguascalientes Project, a landmark project in Mexico. This was the largest project awarded a PPA in Mexico Third RE auction at 374 MWp, with the world’s cheapest solar PV PPA price at US$18.93/MWh. Astris secured financing for US$186m with competitive terms including a senior debt tenor of 19.5 years, door-to-door

 

In Argentina, Astris advised Neoen on the Altiplano Project, a combination of two projects, with power purchase agreements awarded in the RenovAr competitive tenders The financing consisted of two tranches, one with the participation of Proparco, DEG and ICCF, and the second with Societe General and KfW, including a coverage from BPIAE.

 

Neoen is France’s leading independent producer (IPP) of renewable energy. Neoen is active in France, Australia, El Salvador, Zambia, Jamaica, Portugal, Mexico, Mozambique, Finland, and Argentina and has assets in more than 15 countries.  

Astris acted as sole financial advisor to Neoen.

November 2018 - Astris closes the senior financing for the Arriaga-Tapachula road project in Mexico

Astris Finance is pleased to announce the successful closing of a MXN 3,000m (USD 160m) facility to finance the Arriaga-Tapachula highway conservation project. The project consists in the construction, modernization and maintenance of a 487 km road in the state of Chiapas. The project was awarded to a Consortium of local companies: Grupo Indi, Idinsa, Supra and Constructora Cañeros in May 2018. The non-recourse, 9.5 year door-to-door senior debt facility was signed with local lender Banorte, which also provided a MXN 538m (USD 28.8) VAT facility.

Astris Finance acted as sole financial advisor to the Consortium during the bid stage, and through the selection of the sole arranger and the structuring and closing of the bank facility.

October 2018 - Cerro Dominador Dual Technology Solar Complex in Chile's Atacama Desert Closes US$ 1bn Financing Package and Receives Two Deals of the Year Awards

Earlier this month the Project received two awards from Latin Finance: Best Renewable Energy Financing in Latin America and Best Infrastructure Financing, Andean Region.  
12 lenders participated in the financing, totaling c. US$ 1bn of commitments. 

Astris congratulates its client EIG Global Energy Partners (EIG) and its portfolio company Cerro Dominador on the successful funding of the final stage of construction for its 210 MW combined photovoltaic (PV) and concentrated solar power (CSP) plant in the Atacama desert in Chile - and on the two well deserved awards. 

The funding in July 2018 allowed for the repayment of certain bridge loans as well as payment for the issuance of notice to proceed to finalize the construction of the CSP plant which had been suspended. The PV plant is already operational and the CSP plant is expected to achieve COD during 2020. The works are being executed by Abengoa and Acciona under joint arrangements. Cerro Dominador’s CSP plant will be the first operational CSP plant in Latin America – marking the beginning of a new era for renewable power in Chile and the region.

Astris Finance served as financial advisor to EIG and Cerro Dominador on this landmark transaction which included the participation of twelve international project finance banks and institutional investors.  Astris advised on the Senior Debt Facilities (which included a senior loan, a VAT loan and a debt service reserve letter of credit) as well as a financing at the holding company level.

“The financing for Cerro Dominador illustrated Astris’ ability to build on its substantial track record in the Chilean energy sector with respect to both technology and size,” mentioned Tobey Collins, Managing Director and Head of the Astris Washington DC office.

Romain Papassian, Astris Director and deal team leader, further added “We were able to rise above the financing challenges associated with the project’s status as the first application of the CSP technology in the region as well as the project’s history to successfully close and fund on a timely basis.”

The Cerro Dominador financing was innovative in terms of technology, financing structure, and size – and Astris is proud to have been a part of this achievement together with EIG and Cerro Dominador. 

July 2018 - Cerro Dominador, LatAm's First CSP Plant Closes & Funds

Astris congratulates its client EIG Global Energy Partners (EIG) and its portfolio company Cerro Dominador on the successful funding of the final stage of construction for its 210 MW combined photovoltaic (PV) and concentrated solar power (CSP) plant in the Atacama desert in Chile. The financing which total almost USD one billion signed in May and received its first disbursement on July 3, 2018.

The funding allowed for the repayment of certain bridge loans as well as payment for the issuance of notice to proceed to finalize the construction of the CSP plant which had been suspended. The PV plant is already operational and the CSP plant is expected to achieve COD during 2020. The works are being executed by Abengoa and Acciona under joint arrangements. Cerro Dominador’s CSP plant will be the first operational CSP plant in Latin America – marking the beginning of a new era for renewable power in Chile and the region.

Astris Finance served as financial advisor to EIG and Cerro Dominador on this landmark transaction which included the participation of twelve international project finance banks and institutional investors.  

“The financing for Cerro Dominador illustrated Astris’ ability to build on its substantial track record in the Chilean energy sector with respect to both technology and size,” mentioned Tobey Collins, Managing Director and Head of the Astris Washington DC office. Romain Papassian, Astris Director and deal team leader, further added “We were able to rise above the financing challenges associated with the project’s status as the first application of the CSP technology in the region as well as the project’s history to successfully close and fund on a timely basis.”

The Cerro Dominador financing was innovative in terms of technology, financing structure, and size – and Astris is proud to have been a part of this achievement together with EIG and Cerro Dominador. 

March 2018 - Astris voted Financial Advisor of the Year Latin America by IJ Global's Panel

We are very pleased to announce that once again Astris has been named Financial Advisor of the Year for Latin America, an award granted by IJ Global and selected by a panel of industry participants and experts. Astris Finance had been nominated together with SMBC, Santander, Macquarie Capital and Itau. The award was announced on March 15, 2018 at the Deal of the Year Award dinner in New York City. In the same award ceremony, the Celeo Redes bond financing, for which Astris served as financial advisor to the Sponsor, was also named Latin America Refinancing Deal of the Year.

The award caps an exciting year for Astris in Latin America, with seven deals closed and three bids won for major infrastructure projects across a variety of markets -- Chile, Argentina, Mexico, Peru, Colombia, Panama and Brazil -- and a variety of sectors -- renewable energy, toll roads, ports, transmission lines and conventional energy.

In his remarks upon receiving the award, Astris Chief Executive Officer Fabrice Henry said: “An independent advisory firm like Astris relies on two great assets to build a successful track record: a solid base of outstanding clients with visionary leadership who year after year have been placing their trust in us; and a highly motivated team who never spares their effort and energy to deliver innovative financing solutions for our clients. I sincerely thank both our clients and our team members for making this award happen.”

March 2018 - Senior financing closes for Sacyr's Road Project in Mexico

Astris Finance is pleased to announce the successful closing of a MXN 1,970.6 Mn (USD 103.5 Mn) facility to finance the Pirámides – Tulancingo – Pachuca highway conservation project. The Project consist in the construction, modernization and maintenance of a 183 km road between the states of Mexico and Hidalgo and was awarded to a Consortium led by Sacyr Concesiones México in July 2017. The non-recourse financing is a 9.4 year door-to-door senior debt facility provided by Banco Interacciones.

Astris Finance acted as sole financial advisor to the Consortium during the bid stage, and through the selection of the sole Arranger and the structuring and closing of the bank facility.

January 2018 - Brazilian bioethanol plant reaches financial close

Astris Finance announces that it has closed an expansion financing for client Summit Brazil Renewables and its Brazilian subsidiary FS Bioenergia. FS Bioenergia owns and operates the first corn-based ethanol production facility in Brazil, located in Lucas do Rio Verde in the Brazilian state of Mato Grosso. The first phase of the facility entered into operations in mid-2017 and in February 2018 closed on a debt facility to finance the doubling of the plant’s capacity. Construction works are underway and the expansion is expected to be operational in 2019. Astris Finance served as exclusive Financial Advisor to Summit and FS Bioenergia.

December 2017 - Sponsor advised by Astris is awarded 378 MWp in the Third Mexican Long Term Renewable Energy Auction

We are pleased to announce that Neoen, advised by Astris Finance, was awarded a power purchase agreement (“PPA”) in the Third Mexican Long Term Renewable Energy Auction for a 378 MWp solar PV project in the state of Aguascalientes. Neoen’s project is the largest PV plant that was selected in the auction. The 15-year PPA  for energy and 20 year for clean energy certificates (“CEL”) start date is July 2020.

According to Mexico’s National Center for Energy Control (CENACE) which organized the auction, the average price of the projects awarded was USD 20.57/MWh, which makes Mexico the most competitive renewable energy market in Latin America. Among the winners, Neoen’s project is the largest renewable energy plant and offers one of the lowest prices.

Astris is now working with Neoen on the financing of the project for which closing is expected during the course of 2018.

December 2017 - Viento Los Hercules wind project in Argentina closes and funds, fully non-recourse project financing for the RenovAr program

Astris congratulates its client Total EREN for the successful closing of the financing of its first wind project in Argentina. Vientos los Hercules, a 97.2 MW wind park in the province of Santa Cruz, was awarded in October 2016 a 20-year PPA under round 1 of the Renovar program which was signed in January 2017. The financing closed less than 12 months after the PPA was executed and immediately received its first disbursement.

The debt package consists of 16-year ECA covered tranche, guaranteed by Euler Hermes and financed by KfW- Ipex, complemented by a 15-year uncovered tranche financed by DEG and FMO. This is the first non-recourse ECA financing to close in Argentina in the last 15 years.

Astris Finance acted as sole financial advisor to the sponsor beginning during the bid stage in which the project was awarded its PPA. Astris continued its advisory role from the selection of the bank group, through the structuring of the project financing and all the way up to closing and first disbursement.  Astris notes that this landmark achievement in Argentina demonstrates Astris' premier position in project finance financial advisory in the renewable sector in Latin America in particular.

July 2017 - Sponsor advised by Astris is awarded a USD 224 Mn road PPP contract in Mexico

We are pleased to announce that Sacyr Concesiones, advised by Astris, was awarded the Piramides – Tulancingo – Pachuca highway conservation project, which covers 183 km between the states of Mexico and Hidalgo.

The SCT received a total of ten bids for the USD 224 Mn PPP regarding the modernization and maintenance of the highway over the next ten years. The project is among four conservation tenders launched by the Mexican government in the first half of 2017.

Astris will now work with Sacyr in the debt financing of the project, which is expected to close before the end of the year.

January 2017 - Sponsor advised by Astris signs its first PPAs in Argentina as part of the RenovAr auction

Astris Finance acted as exclusive Financial Advisor to EREN Renewable Energy S.A. (“EREN”) in connection with its bid into the renewable program sponsored by the Government of Argentina, called “RenovAr.” The first round of RenovAr has served as the first stage of the re-opening of the Argentine market for international energy and infrastructure projects. EREN was awarded a power purchase agreement (“PPA”) in October 2016 for a 97.2 MW wind project in the province of Santa Cruz. The PPA provides the project with an offtake for 20 years starting at the end of construction. EREN’s project company executed its PPA in January 2017. Astris is now working on the financing of the project for which closing is expected during the course of 2017.

January 2017 - Sponsor advised by Astris is awarded 119 MW of Renewable PPA in El Salvador

El Salvador distribution company Delsur awarded 20-year power purchase agreements (PPAs) to a combined 169.9MW of wind and solar projects in the country's second utility scale power auction on January 11 2017 - we are very proud to announce that our client Neoen, advised by Astris won the vast majority of the PV capacity auctioned by Delsur, 100 MW. Astris will now work with Neoen to raise the financing for these projects slated to close in H2 2017 / Q1 2018.

This is our second project in El Salvador with Neoen, following the successful closing of Providencia Solar, the country's first non recourse project financing in the power space.

Astris is also advising a consortium of US and local developers in connection with a c. 400 MW LNG to power project in El Salvador, slated to close in H2 2017. 

November 2016 - Providencia Solar, El Salvador, Closes and Funds

Astris is pleased to announce the successful closing and funding of a 102 MWp solar PV facility in El Salvador. Astris advised project sponsor-developer Neoen on all matters pertaining to project development and financing all the way to this successful first disbursement on the first non recourse financing in the power sector in the country. The financing package has been raised from a club of agencies including the Inter-American Investment Corporation, the Canadian Climate Fund, and Proparco. To make this investment possible, Astris played a pivotal role in negotiating key amendments to the PPA to achieve a threshold level of bankability.

Astris is advising Neoen on renewable projects in Portugal, in Mexico and in El Salvador, in connection with the upcoming auction (UPDATE: Neoen, advised by Astris, was successfully awarded 119.9 MW of PV in this subsequent auction). 

 

 

August 2016 - Consortium advised by Astris is awarded US$ 600m road project in Colombia

Vinci Concessions and Conconcreto, advised by Astris, logged the winning bid for the construction, operation and maintenance of the Bogota-Girardot toll road project in Colombia, initially developed as a private initiative. Astris will now continue working with the consortium on the financing of the project, slated to close in H2 2017. Astris has been advising the consortium in Colombia since 2013, where Astris has been almost continuously working since 2010. Execution of the mandate is coordinated between our offices in Bogota, Paris and Washington DC.