Astris Finance advised Reden Solar, a French solar IPP held by Infravia and Eurazeo, in connection with the refinancing (the “Refinancing”) of its 78 MWp portfolio of operating rooftop PV assets in France (the “Portfolio”). Reden Solar has refinanced the 92 historic loans contracted from 17 commercial lenders over the past 6 years. Reden Solar took advantage of the attractive market conditions and of the Portfolio’s outstanding operational track record to refinance its existing debt. The refinancing allowed the 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 € 270 m senior debt facility was led by Société Générale, CA-CIB and Auxifip acting as co-Mandated Lead Arrangers, with the participation of BPI France.

As part of the transaction, Reden Solar raised an additional € 30 m junior debt facility from Acofi.

Astris Finance acted as exclusive financial advisor to Reden for the raising of the € 270 m facility, which is to date the largest refinancing facility structured for a portfolio of solar assets in France.