January 2018 - Astris closes the refinancing of a portfolio of operating wind assets in France

Astris Finance is pleased to announce the successful closing of a € 180 m facility to refinance a portfolio of operating wind assets owned by Valorem (the “Sponsor”) and located across France (the “Portfolio”).

The Portfolio has a total installed capacity of 145 MW, spread over 12 plants. The plants were initially financed individually through non-recourse project finance facilities, and were completed between 2009 and 2016. The Sponsor took advantage of the favorable market conditions and of the Portfolio’s operational track record to refinance the Portfolio at attractive terms. The Refinancing allows the Sponsor to extend the financing maturity, lower debt service coverage ratios and reduce financing costs.

The € 180 m facility was led Auxifip (part of the Crédit Agricole group), Sumitomo Mitsui Banking Corporation and La Banque Postale, acting as co-Mandated Lead Arrangers, with the participation of BPI France.

Astris Finance acted as exclusive financial advisor to the Sponsor in the structuring and raising of the € 180 m facility.

The Vasco transaction is the seventh renewable energy portfolio refinancing transaction performed by Astris Finance in 2017, totaling over € 1 bn of senior debt raised and more than 260 assets refinanced.

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.

November 2017 - Astris closes the refinancing of two solar PV plants in Portugal

Astris Finance advised French renewable energy developer Neoen (the "Sponsor") in connection with the refinancing of Cabrela (13.2 MWp) and Seixal (8.8 MWp), two ground-mounted Solar PV plants located in Portugal. Each project benefits from a 20-year Power Purchase Agreement with Energias de Portugal (“EDP”).

The two projects were won by the Sponsor as part of the 2010 renewable energy tender and started commercial operation in 2014. The refinancing allowed the Sponsor to take advantage of the attractive market conditions and outstanding operational track record of thetwo Projects, leading to an extended maturity, a lower debt service coverage ratio and reduce financing costs.

The two projects were financed through two separate bond facilities totaling c. EUR 60m. The facilities were led by HSH Nordbank and Banco Comercial Português, acting as co-Mandated Lead Arrangers. La Banque Postale participated in the financing as well.

Astris Finance acted as exclusive financial advisor to the Sponsor.

July 2017 – Astris closes the refinancing of the Florida 1 Wind Farm in Uruguay

Astris Finance advised Akuo and Cubico (together the “Sponsors”) on the refinancing of a 50 MW Wind Farm project located in Florida, Uruguay (the “Project”). The Project benefits from a 20-year Power Purchase Agreement with the Administración Nacional de Usinas y Trasmisiones Eléctricas (“UTE”).

The Project was originally developed by Akuo and was completed in 2014. The Project had been initially financed by a syndicate of European Development Finance Institutions, including Proparco, DEG and FMO.

The USD 81.3m Refinancing Facility were arranged jointly by CaixaBank and Export Development Canada, acting as co-Mandated Lead Arrangers. Benefiting from the current market conditions, the Sponsors were able through the refinancing to extend the maturity, lower the debt service and reduce financing costs.

Astris Finance acted as exclusive financial advisor to the Sponsors.

April 2017 - Astris closes the refinancing of Solaire Durance in France

Astris Finance advised DIF, Caisse des Dépôts and Solairedirect (together the “Sponsors”) in connection with the refinancing (the “Refinancing”) of a portfolio of operating PV assets located in the South-East of France (the “Portfolio”), originally developed by SolaireDirect. The Portfolio has a total installed capacity of 34 MWp, spread over 4 ground-mounted power plants.

The power plants composing the Portfolio have been completed between 2009 and 2011, and had been initially financed separately through non-recourse project finance facilities. The Sponsors took advantage of the attractive market conditions and of the Portfolio’s outstanding operational track record to refinance its existing debt. The refinancing allowed the Sponsors to extend the maturity, lower debt service coverage ratios and reduce financing cost.

The EUR 145 mEUR facility was led by Auxifip (part of the Crédit Agricole group), the Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation acting as co-Mandated Lead Arrangers, with the participation of BPI France.

Astris Finance acted as exclusive financial advisor to the Sponsors for the raising of the 145 mEUR facility. Astris is currently mandated on several similar refinancing transactions in Europe for solar and wind power plant portfolios.

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). 

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.