São Paulo, December 2024. Astris Finance congratulates its client CYMI Construções e Participações S.A. (“CYMI”), a branch of Cobra IS which is also a subsidiary of VINCI SA (“VINCI”), a leading global long-term infrastructure investor, on the successful acquisition of Cotesa Engenharia (“Cotesa”), one of the largest transmission and renewable O&M service providers in Brazil.
Cotesa provides operations and maintenance services for over 7,000 km of high voltage transmission lines and more than 3 GW of solar, wind and hydro plants, and is one of the key independent O&M service providers in Brazil.
The acquisition of Cotesa will strengthen Cymi’s footprint in the Brazilian transmission and O&M markets, creating synergies with its existing operations and benefiting Cymi’s clients with a wider platform of specialized services and technical solutions for energy assets.
"We are very pleased to have advised CYMI on this transaction. With the acquisition of this unique O&M service platform, our client consolidates its position in a very attractive niche which is complementary to its core business" said Daniel Uzueli, Head of Brazil for Astris Finance
“We thank Astris for their support as financial advisor to CYMI in the acquisition of Cotesa. As always, they have delivered an excellent work and their expertise has a great value” said Rógerio Diniz, Director at CYMI.
Astris acted as exclusive financial advisor to CYMI, with whom we have developed a long-standing global relationship in particular through several transactions in the transmission line and water sector in Brazil.
This landmark transaction further demonstrates Astris’ premier position in the Brazilian infrastructure and energy advisory market, where we are currently advising on transactions across a variety of sectors.
November 2024 - Astris congratulates its client VALOREM for the successful EUR 200m refinancing of a 143MW portfolio located in France
Paris, November 2024 – Astris Finance congratulates VALOREM Group (“VALOREM”), a leading independent renewable energy producer, for the refinancing of a portfolio of solar and wind assets, totaling an installed capacity of 143 MW (the “Portfolio”).
The Portfolio consists of 12 photovoltaic solar farms and 8 onshore wind farms, spread over the whole of mainland France, with a concentration of plants in the north and south of the country. In operation for approximately three years, these assets benefit from significant operational track-record and production potential for many years to come.
This refinancing, structured around a new senior debt of nearly €200 million, allows VALOREM to consolidate its financial structure, repay the loans raised following the CRE solar tenders and free up resources for its ambitious development.
The portfolio revenues are supported by long term Contracts for Difference (“CfD”) with EDF for the wind assets and some PV assets, while the rest of solar PV assets have secured corporate PPAs.
The transaction was arranged by Société Générale, the Crédit Agricole Group (Crédit Agricole CIB, Crédit Agricole Transitions Et Energies and Crédit Agricole Languedoc), BPCE Energeco, Auxifip, Crédit Lyonnais and Natixis.
Astris acted as exclusive financial advisor to VALOREM. This refinancing comes on the heels of the €550m capital operation closed by VALOREM in October 2024 on which Astris acted as co-advisor. It is an additional milestone in our longstanding collaboration with VALOREM and another refinancing credential in the European renewable energy markets.
October 2024 - Astris congratulates its client TSE for successfully raising a 65m€ financing from Eiffel Investment Group
Paris, October 2024 - Astris Finance congratulates its client TSE for successfully raising a 65m€ financing from Eiffel Investment Group.
After raising €130 million in equity from Eurazeo, Crédit Agricole and Bpifrance in 2023, TSE, a leading French solar energy producer and developer, has further strengthened its financing structure by issuing a €65 million bond subscribed by a fund managed by the Eiffel Investment Group.
Bond proceeds will finance the investments made by TSE in new solar photovoltaic power plants, for a cumulative capacity of around 800 MW -- the annual consumption of 450,000 inhabitants.
Astris acted as exclusive financial advisor to TSE on three financing transactions this year. This is a testimony to Astris’s premier position in the European solar PV financing sector and another milestone in our fruitful collaboration with TSE.
October 2024 - Astris congratulates its clients for the closing of a USD 111m financing package for the Ferrocarril Central Rail Track PPP Project in Uruguay
Washington DC, October 2024. Astris Finance is pleased to announce the closing of a US$ 111m financing transaction for the Ferrocarril Central Rail Track PPP Project (the “Project”) sponsored by Sacyr Concesiones, NGE Concessions (subsidiary of French construction group NGE), Saceem and Berkes (the “Sponsors”).
Following up on Astris’ role as exclusive financial advisor for the cumulated raise of US$ 1,410m debt package, Astris advised the Sponsors in structuring and placing a US$ 111m financing package to fund an extension of the construction works and optimize the maturity of part of the existing senior debt (together, the “Financing”).
The Project, now in operation, consists of the design, construction, financing, rehabilitation, and maintenance of a 273 km railroad between the cities of Montevideo and Paso de los Toros, Uruguay, under a 20.25-year PPP contract.
The Financing package consists of:
1. The structuring and issuance of a US$ 65m private placement subscribed by Allianz Capital Partners under a new B Bond facility to support the Project costs
2. The structuring and issuance of a UI 300m (c. US$ 46m) subscribed by CAFAM to support the Project costs
3. The partial extension of existing IDB Invest Loan and existing Allianz B Bond to extend the maturity of existing facilities
With this financing, lenders have provided more than US$ 1.5 bn of multi-tranche financing to the Project in aggregate.
This financing represents another key milestone in our long-standing partnership with the Sponsors and exemplifies how Astris collaborates with its sponsor clients throughout their projects' life cycle, maximizing value at every stage.
October 2024 - Astris advises VALOREM in connection with the sale of a minority stake and a capital raise for a total amount of € 550m
Paris, October 2024. Astris advises VALOREM in connection with the sale of a minority stake and a capital raise for a total amount of € 550m.
Astris Finance congratulates its client VALOREM, an independent French renewable energy developer, who received a firm offer to acquire the stake of 3i Infrastructure fund who entered in VALOREM’s capital 8 years ago. This offer comes from a consortium made up of AIP Management, a Nordic-based investment manager focused on renewable energy and IDIA, Credit Agricole Group’s private equity subsidiary. GSO and IRDI – 2 regional investment funds -, already present in VALOREM’s capital, are taking advantage of the transaction to renew their trust in the firm and its business, alongside Bpifrance.
Over the past 8 years, VALOREM has managed to multiply by 5 its installed capacity and expects to produce 1.5 TWh in 2024; it has developed its international footprint, and its pipeline has reached 6.6 GW.
This capital raise will allow VALOREM to strengthen its development and confirm its positioning as one of the last independent French IPPs in the sector.
The transaction closing is expected in the first quarter of 2025, following the completion of the information and consultation procedure with VALOREM's representative bodies and the obtaining of the necessary regulatory approvals.
Jean-Yves GRANDIDIER, Chairman and Founder of VALOREM, and Pierre GIRARD, Chairman of the Supervisory Board, said: "Our new partners are fully in line with our values and our vision of the development of green energy and this new chapter will enable the Group to pursue its development ambitions and accelerate the energy transition. We are delighted of the way this transaction was handled and would like to thank the Astris team for the instrumental role they played all along the process".
This landmark transaction is another testimony of Astris’s exceptional positioning in the M&A renewable space in Europe. Astris acted as financial co-advisor to VALOREM, alongside BNP Paribas and Lazard.
September 2024 - Astris advises CYMI to raise a ~USD 220 million financing for a water and sanitation project in Brazil
São Paulo, August 2024. Astris Finance congratulates its client CYMI Construções e Participações S.A. (“CYMI”), a branch of Cobra IS that is also a subsidiary of VINCI SA (“VINCI”), a leading global long term infrastructure investor, on the successful financing of the Verde Ambiental Alagoas, a water concession project in the northeast region of Brazil.
The project consists of a 35-year brownfield concession that will improve water and sanitation services for an estimated population of 400,000 people in the state of Alagoas.
The ~USD 220 million (c. BRL 1.2 billion) financing will cover the project's 10-year construction period. To achieve an efficient capital structure, three sources of funding were successfully structured: (i) a loan from Banco do Nordeste (Northeast Development Bank), (ii) a loan from BNDES (Brazil National Development Bank) as well as (iii) debentures issued in the capital markets.
”We are very pleased to have advised CYMI on this transaction, their first water concession in Brazil. We were involved from bid stage to financial close and were able to work with development banks and the local capital market to offer the best possible terms and conditions to our client." said Daniel Uzueli, Astris’s Head of Brazil.
Astris acted as exclusive financial advisor to CYMI, with whom we have developed a long-standing global relationship in particular through several transactions in the transmission line sector in Brazil.
This landmark transaction further demonstrates Astris’ premier position in the Brazilian infrastructure and energy advisory market, where we are currently advising on transactions across a variety of sectors.
July 2024 - Astris congratulates its client Metro de Lima Línea 2 for the successful refinancing of the US$ 256m ECA-covered financing tranche.
Bogotá, August 2024 - Astris Finance is pleased to announce the closing of the refinancing of a US$ 256m ECA-covered financing (the “Guaranteed Loan Facility” or “GLF”) via an amendment and restatement of the existing facility for its client Metro de Lima Línea 2 (“MLL2”) and its shareholders (Iridium, FCC, Hitachi, WeBuild, and COSAPI). The GLF, a critical component of the financing package for the construction of Line 2 of the Lima’s metro system (the “Project”), is part of a c. US$ 2.5bn debt package we raised back in 2015 as advisors to the Consortium. MLL2 continues to be one of the largest and most ambitious infrastructure projects ever awarded as a P3 in Peru, and in Latin America.
The Project consists of 35 kilometers of tunnels for metro transportation between Ate and Callao; it is projected to serve 1.2m users per day and will be fully completed in 2028. According to the former Minister of Transport and Communications, José Gallardo Ku, the quality of life of Peruvian residents will be very positively impacted by the construction of the Project as it is slated to generate benefits to the country of more than US$ 20bn in time savings for users. In line with the size of the Project, its construction is a cornerstone for the development of the country and stands as the most important and highest priority infrastructure project for the Peruvian government.
Astris has had an extensive history with the MLL2 project: we successfully advised MLL2 in 2014 as bid stage advisor; once the project was awarded, we raised a comprehensive financing package, closed in 2015, which includes: a) 144A Bond (US$ 1,155m); b) ECA-covered tranche (US$ 800m); c) Revolving Credit Facility (US$ 105m); d) VAT Financing (US$ 30m); and e) IDB Facility (US$ 450m). The long-term financing of the project was structured as a securitization of RPI-CAOs which represent unconditional, irrevocable obligations of the Government of Peru (“GoP”), that are delivered by the GoP to MLL2 in lieu of payment.
Astris was mandated to refinance the GLF before the expiration of its availability period (July 31, 2024), with the timely extension of this RPI-CAO backed tranche being of paramount importance for the completion of the works. The refinancing creates significant value for MLL2 by (i) preserving very attractive pricing conditions and (ii) adding flexibility to the structure that may be used to raise additional funding in the future.
This transaction is a good example of how Astris works with its sponsor clients throughout the life cycle of their projects, leaving no stone unturned to find creative solutions to optimize value at each stage.
July 2024 - Astris Advises Amarenco in Setting Up a Strategic Partnership with Banque des Territoires
Paris, July 2024 - Astris Finance congratulates its client Amarenco, a leading, Irish-based solar IPP, for the closing of a long-term partnership agreement with Banque des Territoires, the investment arm of the French State-owned Caisse des Dépôts.
The partnership consists in setting up a joint investment platform named "Valorix Green", owned 51% by Amarenco and 49% by Banque des Territoires. Valorix Green‘s objective is to finance solar projects located in France – both ground-mounted and rooftop, which will represent by 2028 an annual production of more than 730 GWh – i.e. the yearly electricity consumption of c. 300,000 urban dwellers.
Astris acted as exclusive financial advisor to Amarenco.
This closing is another milestone in our longstanding collaboration with Amarenco – whom we currently advise on 3 other mandates - and a testimony of Astris’s premier position in the European renewable sector, where we have closed 6 similar “AssetCo” transactions totaling 8 GW+ of solar and wind projects.
July 2024 - Astris Congratulates its Client Encavis Asset Management AG for the Successful Greenfield Financing of the Second Largest Solar Park in Germany
Paris, July 2024 - Astris Finance Congratulates its Client Encavis Asset Management AG for the Successful Greenfield Financing of the Second Largest Solar Park in Germany.
Encavis Asset Management AG (“Encavis AM”) has reached financial close for the Bartow solar project. With a generation capacity of 260 MWp, this will be the second largest facility of its kind in Germany. The project is located about 150 kilometers north of Berlin in the municipality of Bartow (state of Mecklenburg-Vorpommern).
The debt of c. 145 million euros has been provided by Commerzbank, and the equity by Encavis Infrastructure Fund IV (EIF IV), a fund primarily aimed at savings banks and cooperative banks. The construction of the first phase began in March 2024, and completion of the entire project is planned for the second half of 2025. The bulk of the green electricity produced will be sold to LyondellBasell through a 12-year power purchase agreement (PPA).
Elisabeth Rabe, Team Lead Investment Structuring at Encavis AM, commented: “We are proud to have launched this major solar project in Germany, which will greatly contribute to the country’s energy transition and further strengthen our position as a leading player in the field of renewable energy. We extend our gratitude to our financial advisor, Astris, for their valuable support in this transaction.”
”We are very pleased we advised Encavis AM in connection with the financing of this landmark solar PV project in Germany. The transaction shows the attractiveness of greenfield solar PV assets in Germany, benefitting from a strong corporate PPA framework.” said Arnaud Germain, Astris's partner in charge of France and Germany.
This is the fourth successful closing for Astris in Germany over the last 24 months.
Astris acted as exclusive financial advisor to Encavis AM.
June 2024 - Astris congratulates its client Urbasolar for the successful closing of a EUR 82m greenfield debt financing of a portfolio of French PV assets
Paris, June 2024 - Astris Finance congratulates its client Urbasolar, the leading French solar power producer owned by Swiss utility Axpo, for the successful closing of a EUR 82m greenfield debt financing of a portfolio of French PV assets.
Project Persei comprises a 86 MWp portfolio of solar assets located in various French regions, featuring mostly 20-year CfD contracts. All these assets are owned 100% by Urbasolar and are expected to be built by the end of 2025. Once operational, the solar plants will generate an annual electricity production of 105 GWh, which is equivalent to the consumption of 22,000 households.
The transaction was arranged and fully subscribed by BPI France, Crédit Agricole Transitions & Energies and Caisse Régionale de Crédit Agricole du Languedoc.
This transaction marks our sixth successful closing with Urbasolar in the past five years.
Astris Finance acted as exclusive financial advisor to Urbasolar.
June 2024 - Astris advises Ardian in connection with its acquisition of a majority stake in UNITe, a French independent renewable energy developer and producer
Paris, June 2024. Astris advises Ardian in connection with its acquisition of a majority stake in UNITe, a French independent renewable energy developer and producer.
Astris Finance congratulates its client Ardian, one of the world's leading private equity firms, who has now become the largest shareholder of UNITe, through its Clean Energy Evergreen Fund (ACEEF). This investment strengthens Ardian's renewable energy portfolio in the areas of hydropower, photovoltaic and wind energy. Omnes and Bpifrance who invested in 2018, and Société Générale Capital Partenaires who invested in 2010, have agreed to sell their stake in UNITe to Ardian after successfully achieving the objective of consolidating UNITe as an independent power producer and developer.
UNITe – Hydrowatt (UNITe) group is the leading independent player in small hydropower in France, with 36 power plants, and one of the most promising photovoltaic developers with projects in France with a total capacity of 1.5 GWp expected in the coming years. Ardian's long-term support will allow UNITe to accelerate the implementation of its renewable energy growth strategy.
"The addition of UNITe to Ardian's portfolio is an exceptional opportunity. We are delighted to partner with this historic family business and support the management team in its ambitious growth plan. We would also like to thank the Astris team for the instrumental role they played all along the transaction." Benjamin Kennedy, Managing Director Renewables Infrastructure, Ardian.
This transaction strengthens Astris’s position in the M&A renewable sector in Europe, where it is currently working on 11 live transactions.
Astris acted as exclusive financial advisor to Ardian.
May 2024 - Astris congratulates its client Vinci for its strategic partnership agreement with global renewable energy development platform NatPower
Paris, May 2024. Astris congratulates its client Vinci for its strategic partnership agreement with global renewable energy development platform NatPower, aimed notably at fast-tracking Cobra IS's expansion in the United States.
We are happy to announce that Astris advised Vinci SA (“Vinci”), the global player in concessions, energy and construction, in its c. €50 million investment in NatPower SA (“NatPower”), a renewable energy development platform set up in 2019 and principally active in Italy, Great Britain and the United States.
The transaction (“Transaction”) encompasses (a) the acquisition of 10% of the company’s share capital from its founder Fabrizio Zago and its financial partner, Tyrus Capital, and (b) the subscription to convertible bonds issued by NatPower to finance its growth, enabling Vinci to increase its stake in NatPower with the option to take control of NatPower over time.
The investment will give Vinci access to a number of opportunities in the renewable energy space:
Under the agreement, Vinci will have a priority right to acquire projects developed by NatPower at ready-to-build stage.
Alongside the investment, the parties have reached an agreement to jointly develop renewable energy projects (principally onshore wind and solar) in the United States, notably by building up on NatPower's existing project development pipeline, which includes approximately 1.2 GW of capacity plus about 2 GW at the preliminary stage. To this end, a joint venture controlled by Vinci through its subsidiary Cobra IS, will be incorporated in the United States.
Lastly, leveraging on NatPower's expertise, Vinci will be in a prime position to develop energy storage projects, particularly in Great Britain.
Astris deployed a global team with deep expertise in the Italian, UK and US renewable markets to advise Vinci. This Transaction – our 10th closing in the global renewable energy space this year – is another milestone in our longstanding relationship with the Vinci group.
May 2024 - Astris congratulates its client TSE for the successful c. 50m€ debt financing of a 63 MW ground-mounted PV portfolio located in France
Paris, May 2024 - We are pleased to announce the closing of the Aphaia Finance 1 project in which we assisted TSE, a leading French solar developer, in the c. 50m€ financing of a 63 MW portfolio of three ground-mounted PV assets located in France.
This transaction is the first financing of the 1.6 GW Aphaia platform, set up by TSE in 2021 and where Astris acted as financial advisor. It consisted in designing and establishing a strategic partnership between TSE on the one hand and Banques des Territoires and Credit Mutuel Impact on the other hand, to finance the growth of TSE’s 1 GW+ ground-mounted solar PV platform.
The portfolio revenues are supported by a 20-year Contract for Difference (“CfD”) with EDF for one asset while the other two have secured 20-year corporate PPAs with Agrial (largest french agricultural and agri-food co-op) and bioMérieux (world leader in the field of in vitro diagnostics).
The transaction was arranged by Crédit Agricole Transitions & Energies (“CATE”) and fully subscribed by Credit Agricole group entities (LCL, CA Languedoc, CA Champagne Bourgogne, CA Provence Côte d’Azur).
Astris acted as exclusive financial advisor to TSE. This financing is another milestone in our longstanding collaboration with TSE and an additional greenfield solar PV financing credential in Europe.
April 2024 - Astris congratulates its client Mirova for the successful closing of the acquisition and financing of solar PV/storage assets in Spain
Madrid, April 2024 - Astris Finance congratulates French asset manager Mirova for the successful closing of the acquisition and financing of a portfolio of solar PV and storage assets in the Balearic Islands.
This portfolio comprises a solar photovoltaic park with a total capacity of nearly 60 MWp and an additional potential storage capacity of up to 30 MW/120 MWh. The assets, located in the municipality of Mahon on Menorca Island, Spain, were developed by Qualitas Energy and Q-Impact.
These renewable energy assets are expected to drive significant change and contribute to shaping a sustainable, greener future in the Balearic Islands.
Astris Finance acted as exclusive financial advisor to Mirova, further building on Astris’s strong track record in the renewable sector in Southern Europe and its expansion into the PV/storage sector.
April 2024 - Astris congratulates its client Ze Energie for the successful closing of a EUR 52m debt financing of a PV/storage project located in France
Paris, April 2024 – Astris Finance congratulates its client Ze Energy, a leading French solar power developer and producer, for the successful closing of a EUR 52m greenfield debt financing for the “Vert” project, a hybrid solar/storage plant located in France.
The “Vert” Project consists in a 77 MWp photovoltaic power plant combined with a 15 MW / 33 MWh, lithium-ion battery storage system. Construction started in June 2023 on a 60-acre municipal land located in the Landes department in southwest France, and grid connection is scheduled for Q1 2025. Project revenues are supported by a long-term corporate PPA signed between Ze Energy and Orange France.
Out of a total investment of EUR 84m, Bpi France and Caisse d'Epargne Ile-de-France arranged and financed a senior secured debt facility of EUR 52m.
Astris acted as exclusive financial advisor to Ze Energy.
This closing is another milestone in our fruitful relationship with Ze Energy, as well as a testimony to Astris’s rapid expansion into the European battery storage sector.
April 2024 – Astris congratulates its client See You Sun, a leading French solar PV rooftop developer, for the successful closing of a EUR 46m capital raise.
Paris, April 2024 – Astris Finance congratulates its client See You Sun, a leading French solar PV rooftop developer, for the successful closing of a EUR 46m capital raise.
See You Sun was founded in 2017 by former Langa managers, with the ambition to provide mobility solutions combined with solar PV rooftop projects. The company raised EUR 12m in 2021 to finance the development of the mobility business. In the past 3 years, See You Sun’s solar PV rooftop pipeline (small rooftop with a capacity below 500kwc) increased rapidly thanks to the favorable Feed-in Tariff (FiT) scheme currently in place, as well as a successful partnering strategy with local authorities.
This latest capital raise, secured through a combination of financial instruments, will allow the company to fund its development pace of c. 130MW/year. The raise was subscribed by two existing investors, Caisse des Dépôts et Consignations, the leading French state-owned banking group, and Demeter, a European investor specialized in energy transition.
Astris Finance acted as exclusive financial advisor to See You Sun. This is our third closing in the French PV rooftop sector this year -- and a testimony to our strong M&A sell-side activity in the European renewable energy sector, where we are currently advising on no less than 11 transactions.
March 2024 - Astris congratulates its client Tenergie for the successful closing of a c. EUR 107m debt financing of PV rooftop projects located in France
Paris, March 2024 - We are very pleased to announce the closing of the Tenfi IV project in which we assisted Tenergie, a French leading IPP and long-standing client of Astris in France, in the c. EUR 107m financing of a French portfolio of 331 solar PV rooftop assets with an individual capacity below 500kWp and an aggregate capacity of c. 85 MWp.
The assets, which benefit from 20y FiTs with EDF and take advantage of an optimized FiT price for small rooftops secured once the grid connection is requested, will reach COD over the next 18 months.
The transaction was arranged and financed by Credit Agricole, CIC and BPI France.
Astris acted as exclusive financial advisor to Tenergie.
This financing is another milestone in our long-standing relationship with Tenergie, and an additional French PV rooftop credential in our extensive track record.
March 2024 - Astris Finance congratulates its client Enfinity Global on the successful holdco financing of a 134 MW solar portfolio in Italy
Madrid, March 2024 - We are pleased to announce the closing of a 7-year €25 million holdco financing to an Enfinity Global assetco, for the construction of a 134 MW solar portfolio in the region of Lazio (Italy). Enfinity Global is a leading renewable energy IPP with presence in the US, Europe and Asia.
The portfolio consists of four large-scale solar power plants currently under construction. It is scheduled to commission progressively starting in Q2 2024. Once operational, the portfolio will generate 225 GWh of clean energy annually, contracted with Statkraft through a 10-year power purchase agreement. This will allow to supply power to 85,000 Italian households while offsetting 91,500 tons of CO2 emissions.
The holdco financing was provided by Sienna Investment Managers, a pan-European multi-expertise asset manager.
Astris Finance acted as exclusive financial advisor to Enfinity Global. This closing is a testimony to Astris’s premier position in renewable energy financings in Europe and to its continuing expansion into the Italian market.
March 2024 - Astris Finance congratulates its clients CIP and Arjun on the successful refinancing of the 487 MW Monegros wind portfolio in Spain
Madrid, March 2024 - We are pleased to announce the closing of a €383.5 million refinancing of a 487MW operational onshore wind portfolio located in Aragon (Spain). Astris advised Danish Copenhagen Infrastructure Partners (“CIP”), one of the world's largest dedicated fund managers in greenfield renewable energy investments with over €25 bn raised, and Arjun Infrastructure Partners (“Arjun”), an independent asset management firm focused on mid-market infrastructure and energy investment, jointly the “Sponsors”.
This innovative transaction allowed the Sponsors to improve the existing financing in terms of structure, leverage and cash flow providing long-term stability for this landmark transaction, which involves one of the largest long-term PPAs in Iberia. The financing was provided by a syndicate of seven local and international banks (ABN, BBVA, BNP, Rabobank, Caixabank, Sabadell and Bankinter), showing outstanding market support to the transaction and its Sponsors.
The financing consists of a €331.7 million non-recourse, fully amortizing senior debt facility, €34 million of letter of credit facilities, and a €17.8 million of debt service reserve facility (the “Facilities”). The Facilities are deployed in accordance with the Green Loan Principles.
Astris Finance acted as exclusive financial advisor to CIP and Arjun. This transaction is a testimony to Astris’s position as the lead independent advisor for debt renewable transactions in Iberia, and to the strong relationship forged with top tier players in the renewable space globally.
CIP Partner Florian Küster said: ”We would like to thank the lenders and the advisors involved for successfully completing this transaction. The closing of the green loan financing marks another important milestone for our Monegros’s investment which has generated attractive and stable long-term returns for our investors and made a meaningful contribution towards Europe’s green transition.”
Arjun Head of Asset Management Julian Skinner said: “We are delighted to have successfully completed this transaction with a strong pool of banks together with our advisors and our long-standing partner CIP. Thank you to all those involved, and we look forward to future collaborations as we work to facilitate the realisation of Europe’s clean energy goals.”
January 2024 - Astris Advises Valeco on the Successful Sale of its Canadian Activities
Toronto and Montreal, January 2024 - Astris Finance is pleased to have advised its client Valeco, a leading French renewable developer, for the successful sale - following a competitive process - of its Canadian activities consisting respectively in (i) Valeco’s interests in Biomont Energie, a biogas cogeneration plant in Montreal and (ii) the wind assets and portfolio of projects under development of its holding company Valeco Énergie Quebec, in two separate transactions.
The first transaction made it possible for Eolectric inc., a Quebec-based renewables energy developer and operator, to increase and consolidate its existing ownership of the 4.8MW Biomont Energie operations through the purchase of Valeco’s interests. The cogeneration plant recuperates biogas from a former landfill site in the St-Michel district in Northern Montreal and sells electricity to Hydro-Quebec and heat and hot water to Cirque du Soleil and Tohu neighbouring operations. Eolectric inc. was already involved in the Biomont’s ownership through Eolectric Capital inc., a joint venture between Eolectric inc. and Fondaction, one of two Quebec largest labour-sponsored funds.
The second transaction allows Nutrinor-Gilbert Renewable Energies to acquire Valeco's interest in the 6.4 MW Dune-du-Nord wind farm, the only wind operations located in the pristine Iles de la Madeleine in the Gulf of the St-Lawrence, as well as a portfolio of projects at various stages of development. In operation since 2020, the Dune-du-Nord wind farm sells to Hydro-Quebec the energy produced to supply electricity to households and businesses on the islands.
Astris Finance extends its heartfelt congratulations to Valeco and the buyers for these prime acquisitions.
Astris Finance acted as exclusive financial advisor to Valeco. This is a first transaction for Astris since initiating local market coverage and presence in Canada. This achievement further strengthens Astris track record in North America where the teams are currently working on 3 live processes and underscores our commitment to delivering exceptional value and excellence on a global scale.