December 2014 – French Contractor Advised by Astris Finance Completes the Divestment of its PV Business

Astris Finance is pleased to announce the successful sale on December 17 2014 of Eco Delta’s solar activities in France to Aloe Invest.

Founded in 2002, Delta Solar is very active in the development of solar projects and manages nine photovoltaic farms (including the site of Les Mées in the French Alps, one of the largest farms in France – Astris Finance advised on the sale and project financing of Les Mées in 2009/2010). With a capacity of about 70MW, Delta Solar is ranked amongst the top five solar operators in France. Created in 2012, the Eco Delta Operation & Maintenance structure specializes in the operation and maintenance of the group’s power plants.

Aloe Invest is a company created by Ardian, Debiopharm Investment, Nixdorf Foundation and Bernis Energy dedicated to renewable energy projects. This company will be managed by Aloe Private Equity, a team specialized in environmental technologies.

Astris Finance acted as financial advisor to Eco Delta throughout the whole process, from the initial structuring of the transaction to financial close.

December 2014 – Inter-American Development Bank approves financing for large scale merchant PV project in Chile

The Inter-American Development Bank board of directors approved a loan to the Los Loros solar 54 MWP pv projects, developed by Solairedirect in northern Chile.

The project consists in a 54 MWp Photovoltaic solar energy project that will be located in Los Loros in  Northern Chile. Solairedirect has been developing the project since its inception and is targeting to start construction in S1 2015. The project will sell energy on the Chilean spot market, being one of the few projects entirely financed on a merchant basis globally.

The contemplated financing includes a $26 million loan from the IDB, together with co-financing of  $26 million provided by the China Fund and the Canadian Climate Fund, together with a B-loan tranche of up to $20 million. The financing is scheduled to close in H1 2015.

Astris Finance is acting as Financial Advisor to Solairedirect through commercial and financial structuring, negotiations, due diligence and documentation phases of the transaction. This project is the seventh solar transaction executed by Astris Finance in in the region, affirming the firm’s track record in the renewable energy sector particularly in the Americas.

Solairedirect is a major developer, constructor and operator of photovoltaic solar projects on a global scale. Since its creation in 2005, Solairedirect’s fundamental aim has been to generate solar power that is reliable, efficient, intelligent and, above all, competitive and that will become one of the world’s main energy sources. 

December 2014 - Sojitz Corporation of America Buys into Majes & Reparticion Solar

Sojitz Coporation of America recently entered into the equity of the Majes & Reparticion solar plants, which were initially developed by Grupo T-Solar, a major independent power producer in the solar sector.

The Projects consists in two 20 MW PV plants located in Southern Peru which have been completed by Grupo T-Solar in 2012.  At the time, the projects were the first large-scale solar photovoltaic energy projects in Latin America using thin-film modules produced by T-Solar.

Sojitz Corporation America, through a Peruvian investment vehicle, subscribed to a capital increase of the project companies taking a 49% minority position in the projects. Grupo T-Solar remains with a 51% stake in the projects and will keep the operational management of the projects.

Astris Finance acted as Financial Advisor to Grupo T-Solar to advise them in the structuring, negotiation, due diligence and documentation phases of the transaction.

August 2014 - Third Large Scale PV Plant in Peru Reaches Financial Close

Astris Finance is pleased to announce the successful financial closing of a non-recourse term facility for the 19.3 MWp PV solar power plants located in Moquegua, Southern Peru

The Project is sponsored by Solarpack, a Spanish solar PV developer and the leader in Latin American solar project development. 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 2011. The Project was the only successful bidder in the 2013, and is the third large-scale PV project financed in Peru.

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. The loan term was sized to match the Project’s long-term contracted cash flows, with a total term of 18.5 years and coverage ratios consistent with the outstanding credit quality of the off-takers.

Astris Finance acted as financial advisor to Solarpack for the raising of a USD 41.5 m non-recourse, project finance debt facility, throughout the structuring, placement, due diligence, documentation and closing of the transaction. The debt is provided by the Overseas Private Investment Corporation.

This is Astris Finance’s third financial closing in the Peruvian solar sector, further consolidating the firm’s unique track record in the renewable energy sector in the region.

April 2014 - Astris to Act as Financial Advisor for the Financing of a 40 MW Solar Project in Senegal

Astris has been retained by a leading French Renewable Energy Independent Power Producer to advise in connection with the debt and equity financing of a 40 MWp solar project in Senegal. 

December 2013 - Leading Renewable Energy Developers Advised by Astris Finance Set Up a Solar JV in India

EDF Energies Nouvelles, EREN and ACME Cleantech Solutions Limited complete a Solar JV in India, advised by Astris Finance.

EDF-EN, a global market leader in renewable energy, and EREN, the investment group founded by Pâris Mouratoglou and David Corchia, joined forces with ACME Cleantech Solutions Limited (ACME), a leading Indian renewable energy and telecom company, to form a new Joint Venture named ACME Solar Energy Limited. ACME Solar Energy Limited is dedicated to the development, construction and operation of solar plants in India and holds a 30 MWp PV project in construction in the State of Madhya Pradesh, debt-financed by the International Finance Corporation (IFC) and Rural Electrification Corporation Limited (REC), and has a portfolio of 200 MW of projects at various stages of completion. ACME will own 50% of ACME Solar Energy Limited, while EDF EN and EREN will each own 25%.

Astris Finance acted as financial advisor to the three parties throughout the complete process, from transaction concept to financial close.

“ACME, EDF-EN and EREN recognized the great potential of the solar energy market in India, and decided to leverage their unique and complementary strengths, to build a leading solar energy developer and operator in India”, commented Philippe Ducos, Managing Director of Astris Finance.

EDF Energies Nouvelles is a global market leader in green electricity production, with a portfolio of 6,358MW of gross installed capacity worldwide. With development focused on wind and solar photovoltaic energy, the Company recently entered new promising markets: Israel, Morocco, South Africa and Poland, and is expanding its business in offshore wind energy. The Company is also present in other segments of the renewable energy market: marine energy, biogas, biomass and small hydro as well as in distributed energies. EDF-EN manages renewable energy projects’ development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group and its renewable energy arm. For more information, please visit www.edf-energies-nouvelles.com.

Founded in 2012 by Pâris Mouratoglou and David Corchia, EREN is the first group to be fully dedicated to saving natural resources. Through its various subsidiaries, EREN designs, manufactures and owns equipment allowing its customers and partners to rationalize their consumption of energy resources and other natural resources. EREN is also active in the field of wind and solar renewable energies (in France, Greece, Italy and Israel).

ACME Cleantech is a leading provider of innovative, green energy solutions for wireless telecommunications, alternative energy, waste water treatment and environmental impact solutions. ACME started focusing on solar energy a few years ago, providing solutions for both Thermal and Photovoltaic technologies. ACME currently holds a 15MWp PV plant in Gujarat and a 2.5MW solar thermal plant in Rajasthan. For more information, please visit www.acme.in. 

Astris Finance is a leading provider of financial and transaction advisory services to infrastructure project developers. Astris's current mandates include acquisition buy- and sell-side advisory services, as well as financial advisory services in connection with non-recourse project finance debt structuring and placement. This closing, which represents the fifth solar transaction executed by Astris Finance in the last 18 months as well as the second one in India, affirms the firm’s track record in the global renewable energy sector. For more information, please visit www.astrisfinance.com.

August 2013 - California Solar PV Financing Reached Financial Close

Astris Finance is pleased to announce the closing of limited-recourse debt financing for Sol Orchard Imperial 1 project, a 25MW solar photovoltaic facility located in El Centro, California, developed and owned by Grupo T-Solar.

The financing consists of a $65m construction loan converting to a term loan provided by North American Development Bank acting as Lender and Collateral Agent. The electricity from the project will be sold to the Imperial Irrigation District under a long term contract starting in Q4 2013 when the plant is expected to come online.  The El Centro project financing is a significant milestone for T-Solar reflecting its first investment in the United States. 

Astris Finance acted as Financial Advisor to T-Solar through project acquisition, commercial and financial structuring, negotiations, due diligence and documentation phases of the transaction. This closing, which represents the fourth solar transaction executed by Astris Finance in the last 18 months, affirms the firm’s track record in the renewable energy sector particularly in the Americas.

T-Solar is a major independent power producer of photovoltaic solar electricity. A subsidiary of Isolux Infrastructure, it has 230MW under operation in Spain, Italy, India and Peru and 55MW under construction or advanced development in the United States and Puerto Rico. Its operational photovoltaic solar power plants generate over 320 GWh a year, the equivalent to the average annual electricity consumption of more than 110,000 inhabitants. In 2012, T-Solar had revenues of $150 million and has invested in excess of $2 billion to date. For further information, please visit www.tsolar.com.

July 2013 - First Large Scale PV Plant in Chile Reaches Financial Close

Astris Finance is pleased to announce the successful financial closing of a non-recourse term facility for two photovoltaic solar power plants located in Northern Chile.

Watch the Project's video on IDB TV: 

http://www.iadb.org/en/videos/watch,2173.html?videoID=9947

The Project is sponsored by Solarpack, a Spanish solar PV developer and the leader in Latin American solar project development. The Project consists of the construction of a 25 MWp PV plant contracted with the Collahuasi mining operation and the refinancing of an existing 1 MWp PV plant contracted with Codelco. These plants are the first large-scale solar power plants financed in Latin America on a fully contracted basis with mining off-takers. They are also believed to be among the first solar projects worldwide to be financed on a non-recourse basis without any kind of financial support from the public sector (feed-in tariffs, tax credits, etc.)

Astris Finance acted as financial advisor to Solarpack for the raising of a USD 64 m non-recourse, project finance debt facility, throughout the structuring, placement, due diligence, documentation and closing of the transaction. The debt is provided by the Inter-American Development Bank, the Canadian Climate Fund and the Société de Promotion et de Participation pour la Coopération Economique (PROPARCO), while the equity is provided by Solarpack.

The financing structure was tailored to match the Project’s long-term contracted cash flows, with a total term of 19 years and coverage ratios consistent with the outstanding credit quality of the off-takers.

This is Astris Finance’s third financial closing in the Latin American solar sector in the past 18 months, further consolidating the firm’s unique track record in the renewable energy sector in the region.

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.