We are pleased to announce the closing of the “Lily” project in which we assisted Valeco, a French leading developer, fully owned by the German utility EnBW, Mirova, a French leading asset manager with a significant footprint in the European renewable space, and GEG, a local French developer and electricity provider, in the EUR 300m refinancing of a 220MW wind and solar portfolio composed of 13 projects located in France and benefiting from 15-20y CfDs with EDF.

Project Lily consisted in the refinancing of three sub-portfolios which have been structured based on the existing ownership of the projects, for a total debt amount of EUR 300m. The new financing brings several important benefits for the sponsors: a maturity extension, a lower debt service coverage ratio, the replacement of the existing DSRAs by an unfunded DSRF, the implementation of an optimized and flexible financing structure and a significant reduction in financing costs. The transaction was arranged and financed by Crédit Agricole Group, Caisse d’Epargne CEPAC and BPI.

Astris Finance acted as exclusive financial advisor to Valeco, Mirova and GEG.