Paris, May 2024. Astris congratulates its client Vinci for its strategic partnership agreement with global renewable energy development platform NatPower, aimed notably at fast-tracking Cobra IS's expansion in the United States.

We are happy to announce that Astris advised Vinci SA (“Vinci”), the global player in concessions, energy and construction, in its c. €50 million investment in NatPower SA (“NatPower”), a renewable energy development platform set up in 2019 and principally active in Italy, Great Britain and the United States.

The transaction (“Transaction”) encompasses (a) the acquisition of 10% of the company’s share capital from its founder Fabrizio Zago and its financial partner, Tyrus Capital, and (b) the subscription to convertible bonds issued by NatPower to finance its growth, enabling Vinci to increase its stake in NatPower with the option to take control of NatPower over time.

The investment will give Vinci access to a number of opportunities in the renewable energy space:

Under the agreement, Vinci will have a priority right to acquire projects developed by NatPower at ready-to-build stage.
Alongside the investment, the parties have reached an agreement to jointly develop renewable energy projects (principally onshore wind and solar) in the United States, notably by building up on NatPower's existing project development pipeline, which includes approximately 1.2 GW of capacity plus about 2 GW at the preliminary stage. To this end, a joint venture controlled by Vinci through its subsidiary Cobra IS, will be incorporated in the United States.
Lastly, leveraging on NatPower's expertise, Vinci will be in a prime position to develop energy storage projects, particularly in Great Britain.

Astris deployed a global team with deep expertise in the Italian, UK and US renewable markets to advise Vinci. This Transaction – our 10th closing in the global renewable energy space this year – is another milestone in our longstanding relationship with the Vinci group.