Astris Finance advised Sonnedix, a global Solar Independent Power Producer, in connection with the refinancing of two portfolios:
"Eagle" Refinancing Assets
- six operating ground-mounted solar plants located in France with a total installed capacity of 57.3 MWp - "Eagle" refinancing closed in December 2015
- four operating solar power plants located in the south of France with a total installed capacity of 23.6 MWp acquired by Sonnedix in December 2015 - "Sapphire" refinancing closed in March 2016
Since their completion, each asset in the two portfolios has had outstanding operational performance, significantly exceeding initial production and cash-flow forecasts. By leveraging on the plants’ excellent performance, the two refinancings took advantage of attractive market conditions to increase the quantum of debt and improve the quality of the debt backed by the two portfolios (extended maturity, lower coverage ratios and tighter margins).
Natixis, Banco Santander and The Bank of Tokyo-Mitsubishi UFJ, Ltd, a member of the MUFG Group were selected on the Eagle Transaction, whereas The Bank of Tokyo-Mitsubishi UFJ and La Banque Postale were selected as lenders for the second refinancing.
Our team has developed a unique technology and structuring toolbox to optimize portfolio refinancings across several SPVs (up to 99 in one case) which we put to use to extract more value from portfolios in operation for our developer clients.