Astris Finance positions itself as a leading source of financial advisory services to project developers and financial investors in the renewable energy sector in Western Europe and Emerging Markets.

Astris Finance, the infrastructure and energy focused investment banking firm, announced today that the Les Mées photovoltaic (PV) project has reached financial close. The 30 MWp project raised € 110 million in debt and equity . The project is developed by Eco Delta, an independent French renewable energy development company, with Sumitomo Corporation acting as co-investor in the project company, with a minority stake. The second largest PV plant ever financed in France, the project is located in Southeastern France. It will be built and maintained by Siemens T&D, and operated by Eco Delta.

“We are honored to assemble such a prestigious set of partners, Sumitomo Corporation as equity partner, BNP Paribas as debt provider, and Siemens T&D for the construction and maintenance,” said Ronald Knoche, CEO of Eco Delta. “We are also very pleased with what Astris Finance, acting through its French affiliate Aurion, achieved as our financial advisor leading the project structuring, the equity placement and the senior debt arrangement.”

Philippe Ducos, the Astris managing director in charge of the deal, said: “This project constitutes a landmark transaction in the European PV market, achieving the most competitive terms and conditions for a large-scale non-recourse PV financing since the start of the credit crisis. We were able to place the equity with a first-tier industrial sponsor and secure a fully-underwritten 19-year senior debt financing in a tight timeframe, thanks to an outstanding development by Eco Delta, a tight project structure, the selection of first-tier project counterparties, and the attractive framework for PV projects in France.”

Project construction is expected to start in a few days and be completed by August 2011.