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.

October 2015 - US$ 800m ECA financing package closes for Lima Line 2

Lima Line 2 Closes US$ 800m ECA Financing

Astris Finance is pleased to announce that Lima Metro Loan RPI-CAO Purchase LLC successfully closed a USD 800 m Export Credit Agency covered Facility on October 22nd, 2015

Lima Metro Line 2 is one of the most ambitious infrastructure projects ever launched in Latin America under a concession framework. Under the 35-year concession agreement, 35 km of subway lines will be built over 5 years of construction - comprising a total investment of approximatively US$ 6.0bn.

Transaction Highlights:

• The Facilty is covered by an export credit guarantee provided by SACE, the Italian Export Credit Agency. The syndicated loan was provided by Cassa Depositi e Prestiti of Italy for USD 290 m, Kreditanstalt für Wiederaufbau – Ipex of Germany for USD 150 m, Société Générale of France for USD 150 m, Santander of Spain for USD 150 and Instituto de Credito Oficial of Spain for USD 60 m
• The Facility is the first RPI-CAO financing covered by an Export Credit Agency and is the largest RPI-CAO deal ever financed under a loan format in Peru
• This 20-year ECA covered loan financing is the second building block of a US$ 2.5bn private financing package which also includes a long term facility provided by the InterAmerican Development bank, as well as a revolving construction facility

Astris has been acting as mandated financial advisor to the Consortium since bid stage. For the past 24 months, Astris has worked with the Consortium to develop and implement an optimized financing structure for the Project. The complete financing structure includes a USD 300 m revolving construction facility, a USD 2.5 bn+ term financing package as well as a PEN 100 m VAT facility.

While particularly suited for bond market securitization, the characteristics of the RPI-CAO instrument complicate the structuring of a loan financing. Astris worked together with the Consortium and the Lenders for 18 months to craft an innovative financing structure that enables the Project to take advantage of the characteristics of the RPI-CAO instrument and also benefit from the flexibility and low commitment costs typical of a loan facility.

The Astris Deal Team has been working hand and hand with the Sponsor Group out of our Washington DC, Paris and Mexico City offices, leveraging our unique setup as a global, independent infrastructure finance advisory firm. The L2 financing process illustrates perfectly the three defining principles that guide our work at Astris: our positioning as independent advisor always in search of the best solutions for our clients; the commitment to support our clients from the earliest stages of development and through long financing processes; and our passion for innovation to add value to our clients in their most challenging and ambitious endeavors. 

June 2015 - Closing of a US$ 1.15bn 144A/Reg.S Bond Issue for the Financing of Metro de Lima Line 2

Astris Finance is pleased to announce that Lima Metro Line 2 Finance Limited successfully priced a USD 1.155 billion bond on June 10, 2015. The bond, which settled on June 17, will contribute to the financing of the Lima Metro Line 2 Project (“the Project”). 

THE SPONSOR GROUP

The Project is being developed by a consortium formed by ACS-Iridium and FCC of Spain; Salini Impregilo, Ansaldo STS and Ansaldo Breda of Italy; and Cosapi of Peru (“Consortium”). The Government of Peru (“Grantor”) adjudicated the Project to the Consortium on March 28, 2014 pursuant to an international public tender. 

THE PROJECT

The Project is one of the most ambitious infrastructure endeavors ever launched in Latin America under a concession framework. Under the 35-year concession agreement, the Consortium-sponsored concessionaire (“Concessionaire”) will build 35 km of subways, including 28 km for Line 2 and 7 km for the first segment of Line 4. The Project will comprise 35 stations and will be served by 42 driverless trains. 

The Project will connect the densely populated northeastern neighborhoods of Ate Vitarte to the central business area of downtown Lima including the Callao district in the southwest. Upon opening, up to 660,000 Lima residents are expected to use the Project every day. Riders who travel the entire distance of Line 2 will save more than 60 minutes in each direction, reducing travel time from over 2 hours currently to less than 45 minutes.

THE FINANCING PLAN 

Astris has been acting as mandated financial advisor to the Consortium since bid stage. For the past 18 months, Astris has worked with the Consortium to develop and implement an optimized financing structure for the Project. The structure includes a USD 320 m revolving construction facility, a USD 2.5 bn+ term financing package as well as a PEN 100 m VAT facility.

The delivery of the Project entails capital expenditures of close to USD 6 bn (including a provision for inflation and additional works), of which about USD 3.7 bn will be paid for directly by the Grantor through milestone-based cash payments. The balance will be financed by the Concessionaire through the term financing package as well as sponsor equity.

Miguel Bermejo, FCC Group’s Finance Director for the Americas, commented: “Since bid stage, we have worked very closely with Astris on a 360-degree approach to the Project’s financial structuring, investigating every possible source of liquidity available for the term financing. We are very happy with the financial structure that was finally implemented, as it combines the best of each financing source in terms of all-in pricing; ability to reduce negative carry; flexibility in disbursement; and certainty and speed of execution.”

This approach resulted in the design and implementation of a term financing package composed of three parallel facilities. Each of the three facilities is structured as a securitization of deferred payment notes known as RPI-CAO (or Retribución Por Inversión – Certificado de Avance de Obras) issued by the Grantor to the Concessionaire as works progress during the construction period. The first of these three facilities to reach financial close, the 144A/Reg S bond has a 19.1 year door-to-door maturity with a 12.8 year average life. Citibank, Morgan Stanley and Santander acted as Global Coordinators. Citibank also acted as billing & delivery agent and indenture trustee, while Santander also acted as advisor. The bond priced at 5.875%.

Astris and the Concessionaire are in the final stage of implementing the other two term facilities, a USD 800 m bank loan backed by SACE, the Italian export credit agency and a USD 450 m credit facility from the private sector finance arm of the Inter-American Development Bank. Closing is expected by Q3/2015.

Fabrice Henry, Managing Director in charge of the deal at Astris, added: “This bond transaction is a landmark achievement for greenfield project finance in Latin America, given both its size and the way it works together with two parallel bank facilities. This illustrates two key features of what Astris brings to infrastructure sponsors as an independent advisor: a complete objectivity in terms of the range of products we can mobilize; and a strong ability to think out of the box and deliver first-of-a-kind, value accretive transactions for emerging market infrastructure projects.” 

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 - Closing of the Circuito Interior Road in PPP in Mexico

Astris Finance is pleased to announce the successful financial closing for the US$200 Mn Circuito Interior PPP project (the “Project”). Astris was hired by “Operadora y Mantenedora del Circuito Interior” – OMCI a consortium led by Grupo Indi, and Hermes Infraestructura to act as financial advisor. OMCI was awarded the Project through a national public tender by Mexico City’s Government.

The Project consists in a) maintenance of the existing infrastructure and b) the design, construction, and maintenance of 3 bridges, 2 underpasses and other necessary road adjustments to improve traffic in the urban beltway and reduce travel time by up to 60%. Circuito Interior is one of Mexico City’s most important urban beltways, with a 42 km extension.

Both the Project and financing structure were divided in two phases. For the first phase, which consisted in the construction of two bridges, a lane confinement and maintenance of the existing infrastructure, Astris assisted OMCI in securing a MX$ 480 Mn Bridge Loan with Banco Interacciones. The second phase encompasses the remaining road improvements and maintenance of the existing infrastructure. OMCI raised a MX$ 2,012 Mn senior secured facility with Banco Interacciones complemented by a MX$ 248 Mn subordinated facility.

A key characteristic of this Project is that Mexico City’s payment obligation is backed by the PPS trust which gets funding from the remaining cash flow from the Mexico’s City Master Trust. The Master Trust is used by the Mexican City to serve its senior debt and is funded by Federal transfers.

Astris Finance acted as the exclusive mandated financial advisor to OMCI through the initial bid preparation & modelling, structuring, marketing, negotiating, placement, due diligence and documentation process of the transaction.

This is the fourth non-recourse project financing closed by Astris Finance in Mexico in the last 3 years and a clear example of Astris’ capabilities and added value to sponsors participating in the infrastructure and energy sectors.

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 – Inter-American Development Bank Approves Financing for Lima Metro Line 2 Project

The Inter-American Development Bank board of directors approved $750 million loans to finance the Lima Metro Line 2 Project.

The Project includes the construction of a system of 35 underground subway stations joined by 35 km of tunnels, which is expected to serve approximately 2.4 million users who live or work in the greater Lima area. Line 2 will run along the east- west axis of the city from Ate Lima to Callao. The Project is developed by a consortium of companies formed by Iridium Concesiones de Infraestructuras S.A. (a subsidiary of Grupo ACS), Vialia Sociedad Gestora de Concesiones de Infraestructuras, S.L (a subsidiary of FCC), Salini Impregilo SpA, Ansaldo STS SpA, Ansaldo Breda SpA, and COSAPI S.A. In addition to building the Metro system, the Consortium will also be responsible for the provision of electromechanical equipment and rolling stock.

The IDB financing package includes a $300 million loan to the Government of Peru, together with a $400 m RPI-CAO Backed private sector financing that is supplemented by a $50 loan from the China Co-Financing Fund fo Latin America, which is administered by the IDB. The Consortium expects to close the IDB financing in H1 2015.

Astris Finance, together with Banco Santander, acted as Financial Advisor during the bidding process working to design an efficient financing structure for the Project.

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.

November 2014 – Astris to act as Financial Advisor in connection with the structuring of a limited-recourse domestic debt financing of a multi-use real estate project in Vietnam

Astris has been retained by a leading Malaysian conglomerate in connection with structuring ofVND 13,000 bn (eq. USD 575m) greenfield project consisting in the development, construction and operation of a Shopping Center in Ho Chi Minh City, as part of the Phase 1 of a large-scale multi-purpose real estate project to be comprised of hotels, residential and office towers

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. 

April 2014 - Consortium Advised by Astris Finance is Awarded Lima Metro Line 2&4 US$ 5.7 Bn Project

Astris Finance advised the Consortium in connection with the structuring of the financing which was an integral aspect of the Consortium’s successful bid for the USD 5,700 MM Project.

The Consortium consists of a group of experienced European and Peruvian construction and development companies including Iridium Concesiones de Infraestructuras S.A. (a subsidiary of Grupo ACS), Vialia Sociedad Gestora de Concesiones de Infraestructuras, S.L (a subsidiary of FCC), Salini Impregilo SpA, Ansaldo STS SpA, Ansaldo Breda SpA, and COSAPI S.A. In addition to building the Metro system, the Consortium will also be responsible for the provision of electromechanical equipment and rolling stock.

The Project includes the construction of a system of 35 underground subway stations joined by 35 km of tunnels, which is expected to serve approximately 2.4 million users who live or work in the greater Lima area. Line 2 will run along the east- west axis of the city from Ate Lima to Callao. Once operational, the line is expected to serve more than 600,000 people daily, saving commuting time of up to 90 minutes. Line 4, on the other hand, will connect the Peruvian capital with Jorge Chávez International Airport. The Project is expected to employ more than 3,000 individuals during the five-year construction phase.

Astris Finance, together with Banco Santander, acted as Financial Advisor during the bidding process working to design an efficient financing structure for the Project which could be implemented in the required, tight timeframe. The financing, which has already been launched, is expected to include several innovative features in a multi-tranche structure including: a long-term international bond, a construction facility with local and international banks, and a multilateral/agency tranche.

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.