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). 

July 2016 – Astris to act as exclusive financial advisor to a renewable energy independent producer in connection with various investment opportunities in South-East Asia

Astris has been retained by a leading French Renewable Energy Independent Producer to advise on the acquisition and/or financing of several greenfield and brownfield solar-generated power plants across South-East Asia, including Cambodia, Thailand and Vietnam.

May 2016 - Astris closes the refinancing of the 99 solar power plants of Langa in France

Astris Finance advised Langa, a French solar developer, in connection with the refinancing (the “Refinancing”) of its portfolio of operating PV assets in mainland France and Corsica (the “Portfolio”). The Portfolio has a total installed capacity of 49 MWp, spread over 97 building-integrated plants (40 MWp) and 2 ground-mounted power plant ( 9 MWp), held by 21 SPVs.
 
Langa is an  independent French solar IPP that develops, builds, owns and operates renewable energy facilities mainly in France. Langa owns ca. 82 MWp of renewable energy projects in operation in France, of which 70 MWp are PV plants, and is currently developing a 452 MWp pipeline of solar PV and wind projects. Langa is part of the Neworld Energies group, which also owns various subsidiaries dedicated to energy efficiency and operation of energy production facilities.
 
The power plants composing the Portfolio have been completed between 2011 and 2014, and were initially financed on a project by project basis through non-recourse project finance facilities. Langa took advantage of the attractive market conditions and of the Portfolio’s outstanding operational track record to refinance its existing debt. The refinancing allowed Langa to extend the maturity of its financing to 16 years, lower debt service coverage ratios and significantly reduce  the cost of financing.
 
The EUR 150 million facility is led by Unifergie and La Banque Postale acting as Mandated Lead Arrangers, with the participation of BPI, Triodos and Arkea. The debt is located at the level of a holding company that owns all project SPVs within the Portfolio. The proceeds of the Refinancing will be used by Langa to cover corporate expenses and to fund its ambitious growth strategy.
 
Astris Finance acted as exclusive financial advisor to Langa for the raising of the 150 mEUR facility, which marks a true first in terms of numbers of assets for a solar portfolio refinancing. In particular, Astris designed a tailor made due diligence process in order to provide the lenders with satisfactory legal and technical review across the 99 assets.

April 2016 - Astris closes the refinancing of the Solar PV Assets of Photosol in France

Astris Finance advised Photosol, a French solar developer, in connection with the refinancing (the "Refinancing") of its portfolio of operating PV assets in mainland France and the Reunion (the "Portfolio"). The Portfolio has a total installed capacity of 64 MWp, spread over 7 ground-mounted power plants (56.5 MWp) and 3 building-integrated plants (7.5 MWp).

The power plants composing the Portfolio have been completed between 2011 and 2014, and had been initially financed separately through non-recourse project finance facilities. Photosol took profit of the attractive market conditions and of the Portfolio¹s outstanding operational track record to refinance its existing debt. The refinancing allowed Photosol to extend the maturity of its financing to 16,75 years, lower debt service coverage ratios and reduce financing cost.

The EUR 103.7 million facility was led by Natixis Energeco acting as Mandated Lead Arranger, with the participation of La Banque Postale, BPI, Crédit du Nord and Banque Palatine as participants.

Astris Finance acted as exclusive financial advisor to Photosol for the raising of the 103.7 mEUR facility. Astris is currently mandated on five similar refinancing transactions in Europe for solar and wind power plant portfolios.

March 2016 - Astris advises Sonnedix on two portfolio refinancings and successfully closes some EUR 300m of financing for the group

Astris Finance advised Sonnedix, a global Solar Independent Power Producer, in connection with the refinancing of two portfolios:

"Eagle" Refinancing Assets

• six operating ground-mounted solar plants located in France with a total installed capacity of 57.3 MWp - "Eagle" refinancing closed in December 2015 
• four operating solar power plants located in the south of France with a total installed capacity of 23.6 MWp acquired by Sonnedix in December 2015 - "Sapphire" refinancing closed in March 2016 

Since their completion, each asset in the two portfolios has had outstanding operational performance, significantly exceeding initial production and cash-flow forecasts. By leveraging on the plants’ excellent performance, the two refinancings took advantage of attractive market conditions to increase the quantum of debt and improve the quality of the debt backed by the two portfolios (extended maturity, lower coverage ratios and tighter margins). 

Natixis, Banco Santander and The Bank of Tokyo-Mitsubishi UFJ, Ltd, a member of the MUFG Group were selected on the Eagle Transaction, whereas The Bank of Tokyo-Mitsubishi UFJ and La Banque Postale were selected as lenders for the second refinancing.

Our team has developed a unique technology and structuring toolbox to optimize portfolio refinancings across several SPVs (up to 99 in one case) which we put to use to extract more value from portfolios in operation for our developer clients. 

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.
 

November 2015 - Astris closes three visible project financings on three continents

Astris Finance is pleased to announce the simultaneous financial close of three Photovoltaic Power Plant transactions in France, Chile and Japan, demonstrating the outstanding track-record of Astris Finance in the renewable sector on a global scale

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Gunma Mega-solar, Japan

Grupo T-Solar (“GTS”), a global Solar Independent Power Producer, initiated the development of the Gunma Solar PV Power plant in 2013 for a total installed capacity of 31 MWp. The Project is the first large scale power plant developed by GTS in Japan, and will constitute the cornerstone of GTS’s Japanese development strategy.

The Project is financed using a JPY 11.5 bn non-recourse project finance facility provided by a commercial bank syndicate combining international and Japanese commercial banks - a true first in the Japanese solar sector.

Astris Finance as financial advisor to GTS put in place the financing with a final tenor of 19 years post completion, leverage of 85% and a low sizing DSCR in line with the credit quality of Tokyo Electric (TEPCO), the off-taker under the 20-year Power Purchase Agreement. 

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Tenergie Portfolio, France

Astris Finance advised Tenergie, a French solar developer, in connection with the refinancing (the “Refinancing”) of its portfolio of operating PV assets in France (the “Portfolio”). The Portfolio is composed of 48 projects held by 39 SPVs, out of which 6 projects (37.6 MWp) are ground-mounted and 42 projects (16.8 MWp) are rooftop-integrated. 

Since their completion, all assets within the Porftolio have had outstanding operational performance, exceeding significantly the initial production and cash-flow forecasts. Leveraging on the plants’ excellent performance, the Refinancing  takes advantage of current market conditions to increase the quantity and improve the quality of the debt borne by the Portfolio – extended maturity, lower coverage ratios and tighter margins. 

Following an extensive market consultation, Tenergie and Astris selected Unifergie, La Banque Postale, la Banque Publique d’Investissement and the debt fund Rivage Investment to provide the Refinancing debt. The debt is located at the level of a holding company that owns all project SPVs within the Portfolio. The proceeds of the Refinancing will be used by Tenergie to cover corporate expenses and to fund its ambitious external growth strategy.

Astris Finance acted as financial advisor to Tenergie for the raising of the 151 mEUR facility, which marks a true first in the French market for a solar portfolio refinancing including both ground-mounted and rooftop assets. Astris is currently mandated on four similar refinancing transactions in Europe for solar and wind power plant portfolios.

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Los Loros Merchant, Chile

Solairedirect, a subsidiary of Engie dedicated to the development, construction and operation of photovoltaic power plants, recently initiated the construction of a 54 MWp Solar PV project in Los Loros, Chile.

The project will sell energy to the Chilean spot market after completion, which is scheduled for August 2016. The project is one of the few photovoltaic solar plants in the world that are entirely financed on a merchant basis.

The contemplated financing includes a senior loan provided by a club of multilateral and bilateral agencies including the IDB, the China Fund , the Canadian Climate Fund and Proparco. The Canadian Climate Fund is also providing a mezzanine loan facility. The financing documentation was signed in early September 2015 with first disbursement expected to occur shortly.

Astris Finance acted 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 Latin America, affirming the firm’s track record in the Latin American renewable energy sector.

June 2015 - Astris to Act as Financial Advisor in Connection with the Financing of a 300 MW Solar and Wind Pipeline of Projects in Tunisia

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 300 MW wind and solar pipeline of projects in Tunisia.

May 2015 - Astris to Act as Financial Advisor in Connection with the Financing of a 120 MW Wind Project in Eastern Europe

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 120 MW wind project in Eastern Europe.

April 2015 - Astris to Act as Financial Advisor in Connection with the Straight Sale of a 100 MW Pipeline of Wind Projects in France

Astris has been retained by a leading French Renewable Energy Independent Power Producer to advise in connection with the sale of a 100 MW pipeline of wind projects in France. 

February 2015 - Astris to Act as Financial Advisor for the Refinancing of a Brownfield Solar Portfolio in France

Astris has been retained by a leading French Renewable Energy Independent Power Producer to advise in connection with the senior debt refinancing of a 60 MWp solar PV portfolio in France. 

It is contemplated that the portfolio will be refinanced by way of a non-recourse Project Finance debt provided by a syndicate of French and European Lenders.

Astris Finance is acting as Financial Advisor to the Sponsor to advise them in the structuring, negotiation, due diligence and documentation phases of the transaction

December 2014 - Astris to Act as Financial Advisor for the Acquisition of a Large Scale Solar PV Project in France

Astris is pleased to announce the successful acquisition of Sumitomo’s shares in the les Mées project by Aloe Invest.

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 Aloe Invest throughout the whole process, from the initial structuring of the transaction to financial close.

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.