May 2024 - Astris congratulates its client TSE for the successful c. 50m€ debt financing of a 63 MW ground-mounted PV portfolio located in France

Paris, May 2024 - We are pleased to announce the closing of the Aphaia Finance 1 project in which we assisted TSE, a leading French solar developer, in the c. 50m€ financing of a 63 MW portfolio of three ground-mounted PV assets located in France.

This transaction is the first financing of the 1.6 GW Aphaia platform, set up by TSE in 2021 and where Astris acted as financial advisor. It consisted in designing and establishing a strategic partnership between TSE on the one hand and Banques des Territoires and Credit Mutuel Impact on the other hand, to finance the growth of TSE’s 1 GW+ ground-mounted solar PV platform.

The portfolio revenues are supported by a 20-year Contract for Difference (“CfD”) with EDF for one asset while the other two have secured 20-year corporate PPAs with Agrial (largest french agricultural and agri-food co-op) and bioMérieux (world leader in the field of in vitro diagnostics).

The transaction was arranged by Crédit Agricole Transitions & Energies (“CATE”) and fully subscribed by Credit Agricole group entities (LCL, CA Languedoc, CA Champagne Bourgogne, CA Provence Côte d’Azur).

Astris acted as exclusive financial advisor to TSE. This financing is another milestone in our longstanding collaboration with TSE and an additional greenfield solar PV financing credential in Europe.