January 2013 - Gestamp & Solarpack PV Projects in Peru Close

Astris Finance is pleased to announce the successful financial closing of a non-recourse term facility for the 22 MWp PV Plant in Tacna and a 21 MWp PV Plant in Panamericana, close to the city of Arequipa in Southern Peru.

The Project will benefit from long-term Power Purchase Agreements, which have been allocated through a public tender process by the State of Peru in 2010. The Project is the second large-scale project-financed PV project in Latin America (after Spanish developer T Solar’s Majes and Repartición projects, also in Peru), and the first using crystalline silicon panels mounted on single-axis trackers. Astris advised on both financings.

Astris Finance acted as Financial Advisor to Solarpack and Gestamp Renewables throughout the structuring, placement, due diligence, documentation and closing of the Project equity and non-recourse project finance debt. OPIC is providing non-recourse financing for a total amount of c. USD 180 million for 18.5 years, funded through the placement in the US capital markets of certificates of participation guaranteed by the full credit of OPIC. The Project is also financed through equity provided by Solarpack, Gestamp, and by a regional spezialized fund.

The financing structure of the Project has been tailor-made to mitigate the impact of some specific aspects of Peruvian renewable energy PPAs on Project cash-flows. Despite difficult market conditions, the Project has been able to reach financial close by benefiting from the high liquidity of the US capital market and from OPIC support.

This Project is the 6th financial closing in 2012 by Astris Finance in Latin America. It marks a very successful year for Astris Finance, which has advised on a wide range of projects in Latin America including renewable energy, conventional power, accommodation PFIs and transportation infrastructure.

October 2012 - Official Inauguration by President of Peru of T Solar PV Projects

President Ollanta Humala of Peru inaugurated the Majes and Repartición solar photovoltaic power plants, which in August became the first utility scale solar PV plants connected to a national grid in Latin America. Financing for the two projects was arranged by Astris Finance.

President Ollanta Humala of Peru inaugurated the Majes and Repartición solar photovoltaic power plants, which in August became the first utility scale solar PV plants connected to a national grid in Latin America. The plants installed capacity of 44 MW is sufficient to power over 20,000 households. The plants consist of 113,600 thin-film amorphous hydrogenated-silicon modules deployed over 206 hectares of land – or about 300 soccer fields! The Arequipa region in southern Peru has one of the highest levels of solar irradiation on earth. The project was developed and is owned by T Solar, one of the leading independent solar power producers worldwide. For the past two years, Astris Finance has been positioning itself as a leading transaction advisor in the Latin American renewable energy sector, with mandates in excess of 400 MW of solar power in execution

June 2012 - Jamaican IPP Advised by Astris Finance Reaches Financial Close

Astris Finance is pleased to announce the signing of the non‐recourse refinancing of Jamaica Private Power Company Limited - a 61MW, heavy fuel oil fired baseload generation facility in Kingston, Jamaica, majority-owned by AEI.

The financing consists of a 5-year USD term facility and, notably, a 5-year Jamaican dollar working capital revolver (sized in USD) with an annual paydown provision. RBC Merchant Bank (Caribbean) acted as Arranger with the participation of RBC Royal Bank (Jamaica) and RBC Royal Bank (Trinidad & Tobago).

Astris Finance acted as Financial Advisor to JPPC through the initial market sounding, structuring & modeling, marketing, negotiations, due diligence and documentation phases of the transaction.

The Astris Finance team was led by Senake Gajamera, Director, who stated: “We are pleased to have assisted JPPC and its strong sponsors, AEI and Inkia Energy achieve attractive terms and reach this important milestone in a benchmark IPP refinancing transaction for both Jamaica and the region.”

December 2011 - Solar Project Developers Advised by Astris Complete the Sale of 3 PV Parks in France

Astris managed to complete the divestment of the three assets in adverse market conditions and in an overall extremely challenging context linked to the recent regulatory changes affecting renewable energy projects and solar installations in particular. 

Astris is pleased to announce the acquisition by a German retail fund of 3 PV Parks located in mainland France and Corsica, with an aggregate capacity of 6.5MW. 

Astris Finance advised Eco Delta and Duransol throughout the divestment process of the three parks sold upon technical completion. Astris Finance will remain involved as Financial Advisor to the Buyer in connection with the structuring and placement of the long term debt the Buyer intends to secure from commercial banks. 

Astris Finance is a leading provider of financial and transaction advisory services to solar project developers. Astris Finance advises on a pipeline of solar deals representing more than US$ 500m of investment. Astris's current mandates include acquisition buy- and sell-side advisory, as well as financial advisory in connection with non-recourse project finance debt structuring and placement.

For more information on Astris's recent activity in the sector in France, please click on the link on the left. 

November 2010 - Astris Closes the Second Largest PV Plant in France

Astris Finance positions itself as a leading source of financial advisory services to project developers and financial investors in the renewable energy sector in Western Europe and Emerging  Markets.

Astris Finance, the infrastructure and energy focused investment banking firm, announced today that the Les Mées photovoltaic (PV) project has reached financial close. The 30 MWp project raised € 110 million in debt and equity . The project is developed by Eco Delta, an independent French renewable energy development company, with Sumitomo Corporation acting as co-investor in the project company, with a minority stake. The second largest PV plant ever financed in France, the project is located in Southeastern France. It will be built and maintained by Siemens T&D, and operated by Eco Delta.

“We are honored to assemble such a prestigious set of partners, Sumitomo Corporation as equity partner, BNP Paribas as debt provider, and Siemens T&D for the construction and maintenance,” said Ronald Knoche, CEO of Eco Delta. “We are also very pleased with what Astris Finance, acting through its French affiliate Aurion, achieved as our financial advisor leading the project structuring, the equity placement and the senior debt arrangement.”

Philippe Ducos, the Astris managing director in charge of the deal, said: “This project constitutes a landmark transaction in the European PV market, achieving the most competitive terms and conditions for a large-scale non-recourse PV financing since the start of the credit crisis. We were able to place the equity with a first-tier industrial sponsor and secure a fully-underwritten 19-year senior debt financing in a tight timeframe, thanks to an outstanding development by Eco Delta, a tight project structure, the selection of first-tier project counterparties, and the attractive framework for PV projects in France.”

Project construction is expected to start in a few days and be completed by August 2011.