Munich, Germany – January 13, 2025. Astris Finance hires Managing Director in Germany to cover Europe’s largest renewable energy market and wider DACH region (Germany, Austria and Switzerland).
Astris Finance, the leading independent financial advisory firm specialized in energy transition, has been increasingly active in Western Europe since it opened its Paris office ten years ago and its Madrid office five years ago. In the European renewable sector, Astris has managed more than 150 transactions, both in the debt financing space where the firm has raised in excess of € 10bn of senior, mezzanine and Topco debt, and in the M&A space where the firm has managed c. 70 processes across ten European countries. A key differentiating success factor of Astris is the holistic advisory approach across the whole capital structure combined with deep sector knowledge and the understanding of local markets. For the past three years, we have ranked #1 in the IJ Global League Tables for European Renewable Energy Financial Advisory by number of deals closed.
Among the recent transactions closed by Astris in Germany is the c. € 150m senior debt raise for the Bartow solar project developed by leading German renewables player Encavis (now owned by a KKR-led consortium) - a 260 MWp project located about 150 kilometers north of Berlin in the state of Mecklenburg-Vorpommern, the second largest PV facility in Germany. The project will sell the bulk of its output to LyondellBasell through a 12-year power purchase agreement (PPA).
Germany has become a strategic priority for Astris: The German economy is the single largest power consumer and deepest renewables market in Europe, and the amended Climate Change Act of June 2021 set a net zero objective for year 2045. This will require massive investments in renewables, flexible generation (e.g. storage, hydrogen) and grid infrastructure. An estimated € 700bn investment is expected to be made in the years leading up to 2030.
In this context, Astris is setting up a full-fledged team on the ground. Our effort will be led by Arnaud Germain, who heads our European operations, and Dennis Schröder, the newly appointed Managing Director of our Munich office overseeing the DACH region. Dennis joins Astris from BNP Paribas where he led the Power & Utilities, Renewables sector team for the DACH region as Managing Director for the past two years. Prior to this, he spent three years as Senior Banker with the Energy & Utilities team of UniCredit, five years as Head of Energy for Germany with SEB, and seven years at RBS as a senior member of the Power & Utilities sector team for DACH and CEE. He started his career working for Deutsche Bank. Overall, he has a background of 20+ years in investment banking, including 15 years with a special focus on the Power & Renewables sector. He has executed transactions representing over € 10bn in cumulative investment in the energy transition space.
Fabrice Henry, CEO of Astris, explains: “We are very excited to welcome Dennis and expand our team out of Munich. This is a key step in the implementation of our ambitious European strategy at a time when Energy Transition is a top-priority public policy agenda – in terms of sovereignty, environmental and social sustainability, as well as economic competitiveness. Our German presence will help us consolidate our position as a leading independent advisor in the Energy Transition space in Europe and globally.”
Dennis Schröder, Managing Director and Head of Germany and DACH said: “The German energy transition has made good progress with regards to the decarbonization of power generation by significantly expanding renewable energy – but there is still much to do to develop an integrated sustainable generation mix and a power grid capable of handling the volatility of renewables especially in extreme ‘Dunkelflaute’ scenarios (prolonged absence of wind and sun). As regards the renewables market, we are seeing older projects exiting the guaranteed revenue regime established by the Renewable Energy Act (EEG) of 2000 – to the tune of 3 to 5 GW per year. These projects will need to craft new revenue schemes, by participating in renewable auctions following a repowering, sourcing a corporate PPA, or simply selling in the spot market. On the other hand, the massive investment program ahead – with a target in excess of 10 GW of new generation and in excess of 5 GW of BESS per year until 2030 – is likely to create a need for capital structure optimization and asset rotation for German developers; it will also require the injection of fresh liquidity by new investors at a competitive cost. In this dynamic market context, we are confident we will be able to use our deep experience in renewable markets globally combined with our holistic approach to help create value for our clients – both strategics and financials.”
December 2024 - Astris Congratulates its Client TSE for the Closing of a 100m€ Greenfield Solar PV Financing in France
Paris, December 2024 - We are pleased to announce the closing of the Aphaia Finance 2 transaction in which we assisted TSE, a leading French solar developer, in the 100m€ financing of a 120 MW portfolio of seven ground-mounted PV assets located in France.
This transaction follows the successful Aphaia Finance 1 closing completed in May 2024, and is the second financing for the 1.6 GW Aphaia platform. TSE launched the Aphaia platform in 2021 – with Astris acting as financial advisor – as a strategic partnership with Banques des Territoires and Credit Mutuel Impact, to finance the growth of TSE’s ground-mounted solar PV activities.
The Aphaia Finance 2 portfolio revenues come from a combination of 20-year Contracts for Difference (“CfD”) with EDF and a corporate PPAs secured with Albéa, a global leader in perfume and cosmetic packaging.
The transaction was arranged by Caisse d’Epargne CEPAC and Crédit Agricole Transitions & Energies.
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.
December 2024 - Astris Finance advises Actis in the acquisition of two transmission line assets from Vinci Partners
São Paulo, December 2024. Astris Finance congratulates its client Actis, a leading global investor in sustainable infrastructure, who has completed the acquisition of two transmission line assets from Vinci Partners in Brazil.This acquisition, will expand its Skyline Brazilian transmission platform, bringing the length of the business’ operational transmission lines to a total of 1,404km.
These two assets consist of a 112km above-ground transmission line in the state of Rio Grande do Sul in Brazil’s far south and a substation and its equipment in Minas Gerais state. Each asset has more than 20 years left on its 30-year concession.
Power transmission is critical to accelerating the energy transition in a country such as Brazil where renewables, notably hydro but also wind, solar and biofuels, generate 89% of the electricity. Since production is not typically located near consumption centers, transmission lines are an essential infrastructure for access to power, and particularly decarbonized power.
Astris Finance acted as exclusive financial advisor to Actis. This transaction further strengthens Astris’s premier position in the Brazilian transmission line sector, both in the M&A and financing markets.
December 2024 - Astris Finance Congratulates its Client CVE Biogaz for the Closing of a EUR 70m Capital Raise
Paris, December 2024 - Astris Finance congratulates its client CVE Biogaz, a subsidiary of the independent renewable energy producer CVE and a major player in the recovery of organic matter and anaerobic digestion in France, for the closing of a capital raise whereby BNP Paribas Asset Management's Low Carbon Transition Infrastructure Equity Fund (“BNPP AM”) will invest EUR 70m. It will enable CVE Biogaz to accelerate its development and strengthen its position in the biogas market in Europe.
The investment by BNPP AM follows that of Swen Capital Partners, which had injected EUR 40m in CVE Biogaz between 2021 and 2023. It underlines the confidence of institutional investors in the potential of biogas to accelerate the energy transition and strengthen the circular economy.
Hervé Lucas, co-founder of CVE stated: “This transaction, achieved with the very valuable support of Astris, will allow us to continue our development. We want to actively contribute to the ambitions of the French biogas sector, which aims at increasing the share of renewable and low-carbon gas to 20% of our national consumption by 2030, from 2% today”.
Arnaud Germain, who heads Astris’s operations in Europe, said: “We want to thank CVE for their trust in Astris Finance’s capacity to help them close such an important transaction for the development plan of CVE Biogaz. We are very proud to have successfully advised to design and setup this capital raise with a strong partner such as BNPP AM.”
Astris acted as exclusive financial advisor to CVE Biogaz. This landmark transaction further reinforces the relationship between Astris and CVE, and is also a testimony to Astris’s ability to work on a wide array of sectors related to energy transition.
December 2024 - Astris Finance congratulates its client Enfinity Global on the successful financing of a 147 MW solar portfolio in Italy
Madrid, December 2024 - We are very pleased to announce a new closing with Enfinity Global, the US-based leading renewable energy and sustainability services company, for the construction of a 147 MWp solar portfolio in Italy.
The portfolio is made of three projects located in the Lazio region. The senior debt, provided by Rabobank and ING Italia, has been raised at AssetCo level and totals EUR 165m, including ancillary facilities.
Astris acted as exclusive financial advisor to Enfinity Global. This transaction is our fourth collaboration with Enfinity Global in Italy, which further strengthens Astris's advisory franchise in the Italian renewable market.
We would like to thank all the parties involved and particularly our client Enfinity Global for their trust in Astris Finance.
December 2024 - Astris advises abrdn and Bestinver Infra in the acquisition of 100% of the shares of Circuito Vial 3, the largest road PPP in Uruguay
Washington DC, December 2024. Astris Finance congratulates its clients abrdn, the UK-based global infrastructure investor, and Bestinver Infra, the Acciona-backed fund manager, on the closing of the acquisition of Circuito Vial 3 (“CV3”), the largest road PPP in Uruguay. The consortium formed by abrdn and Bestinver on a 50/50 basis has acquired CV3 from Copasa (80%) and Espina Obras Hidráulicas (20%).
CV3 is a c. 300km essential link between Brazil and Argentina. The road was structured as a PPP by the Ministry of Transport and Public Works (“MTOP”) and awarded to Copasa and Espina back in 2019 for a 20-year term. abrdn and Bestinver are acquiring this strategic asset shortly after completion.
The acquisition of CV3 is a landmark transaction for Bestinver, a first in Uruguay for the group’s infrastructure fund; and an opportunity for abrdn to expand its infrastructure investment portfolio across Latin America.
”We are very pleased to have advised abrdn and Bestinver on this transaction - a closing which speaks to our commitment to stay the course over the long run through M&A processes in the region, and add as much value as possible to our clients’ work along the way" said Romain Papassian, Managing Director for Astris Finance.
“We are excited to have completed the acquisition of CV3, with our partners Bestinver Infra and the invaluable support of Astris. This transaction represents a continuation of abrdn’s strong track record of infrastructure investment in the Americas, and a broadening of our footprint in Uruguay”, said Ivan Wong, Partner, abrdn Concession Infrastructure.
“This transaction, achieved with the very valuable support of Astris, underscores our dedication to exploring high-potential infrastructure opportunities. We remain confident in the growth prospects of the Uruguayan market and look forward to contributing to its development”, said Francisco del Pozo, Head of Infrastructure Funds for Bestinver.
Astris acted as exclusive financial advisor to both abrdn and Bestinver Infra throughout the M&A process, and is currently advising on the refinancing of the asset.
The closing of CV3 demonstrates Astris leading position in the Uruguayan infrastructure market, where we have been active and advised on several landmark transactions over the past few years.
December 2024 - Astris advises CYMI in the acquisition of Cotesa, a leading O&M and engineering services provider in the transmission and renewable sectors in Brazil
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.