January 2019 – Astris Closes the Refinancing of the 500 Solar PV plants of Sunzil, a French IPP held by Total and EDF operating in the French Islands

Astris Finance advised Sunzil, a French solar IPP held by Total and EDF, in connection with the refinancing of its portfolio of operating groung-mounted and rooftop PV assets located mostly in the French Caribbean and la Réunion Islands. Sunzil has refinanced the historic loans contracted from various commercial lenders over the past 10 years. Sunzil took advantage of the attractive market conditions and of the portfolio’s operational track record to refinance its existing debt. The refinancing allowed the sponsor to extend the maturity, lower debt service coverage ratios, replace the existing DSRA by a DSRF and reduce significantly the financing cost.

The EUR € 120 m senior debt facility was led by SMBC and la Banque Postale acting as co-Mandated Lead Arrangers, with the participation of BPI France.

Astris Finance acted as exclusive financial advisor to Sunzil in connection with the refinancing of the portfolio, which is to date the largest portfolio of solar assets refinanced in France (over 500 plants).