October 2024 - Astris congratulates its clients for the closing of a USD 111m financing package for the Ferrocarril Central Rail Track PPP Project in Uruguay

Washington DC, October 2024. Astris Finance is pleased to announce the closing of a US$ 111m financing transaction for the Ferrocarril Central Rail Track PPP Project (the “Project”) sponsored by Sacyr Concesiones, NGE Concessions (subsidiary of French construction group NGE), Saceem and Berkes (the “Sponsors”).

Following up on Astris’ role as exclusive financial advisor for the cumulated raise of US$ 1,410m debt package, Astris advised the Sponsors in structuring and placing a US$ 111m financing package to fund an extension of the construction works and optimize the maturity of part of the existing senior debt (together, the “Financing”).

The Project, now in operation, consists of the design, construction, financing, rehabilitation, and maintenance of a 273 km railroad between the cities of Montevideo and Paso de los Toros, Uruguay, under a 20.25-year PPP contract.

The Financing package consists of:

1.       The structuring and issuance of a US$ 65m private placement subscribed by Allianz Capital Partners under a new B Bond facility to support the Project costs

2.       The structuring and issuance of a UI 300m (c. US$ 46m) subscribed by CAFAM to support the Project costs

3.       The partial extension of existing IDB Invest Loan and existing Allianz B Bond to extend the maturity of existing facilities

With this financing, lenders have provided more than US$ 1.5 bn of multi-tranche financing to the Project in aggregate.

This financing represents another key milestone in our long-standing partnership with the Sponsors and exemplifies how Astris collaborates with its sponsor clients throughout their projects' life cycle, maximizing value at every stage.

June 2022 - Astris congratulates its clients for the closing of a USD 475m financing package for the Ferrocarril Central Rail Track PPP Project in Uruguay.

Astris Finance is pleased to announce the closing of a USD 475m financing transaction for the Ferrocarril Central Rail Track PPP Project (the “Project”) sponsored by Sacyr Concesiones, NGE Concessions, Saceem and Berkes (the “Sponsors”).

Following up on Astris’ role as exclusive financial advisor for the USD 860m senior debt package in October 2019 and the USD 75m mezzanine debt in June 2020, Astris advised the Sponsors in (a) structuring and placing a financing package to fund new investments and replace a piece of the initial financing; and (b) extending the maturity and reprofiling part of the existing senior debt (together, the “Refinancing”).

The Project consists of the design, construction, financing, rehabilitation, and maintenance of a 273 km railroad between the cities of Montevideo and Paso de los Toros, Uruguay, under a 19.25-year PPP contract. Construction works are progressing, and COD is expected to take place in H1 2023.

The Refinancing package consists of:

1.       The structuring and issuance of a USD 250m private placement subscribed by Allianz GI under a B Bond facility to support the construction of the Project and refinance a portion of the initial financing;

2.       The refinancing of USD 175m of IDB and IDB Invest Loans to extend the maturity of existing facilities and match the B Bond repayment profile;

3.       The refinancing of a USD 50m B loan provided by Intesa San Paolo.

With this Refinancing, Allianz GI joins the IDB, the IDB Invest, SMBC, Intesa, CAF, CAF-AM and GIP to provide more than USD 1bn of multi-tranche financing to the Project in aggregate.

May 2022 – Astris Finance Congratulates its Client Puerto Bahia Colombia de Uraba (PBCU) on the Successful Closing of a USD 765 Million Port Project in Colombia

Astris Finance is delighted to announce the closing, first disbursment and start of construction for the emblematic Puerto Antioquia project, a US $765 million port complex, for which the first stone was laid on April 23 in Uraba, Colombia. Since 2015, Astris has advised PBCU, the project company, as well as its Sponsors, supporting the entire development of the project, coordinating the contractual and financial equity structuring and raising fully non-recourse senior and mezzanine project financing as well as third party equity.
 
The Sponsor group includes PiO S.A.S., the initial project developer; CI Uniban, CI Tropical, CI Banafrut, Grupo Santamaria, four of the largest tropical fruit cooperatives in the region, who will be port users; CMA CGM, one of the world's leading shipping lines, who will act as port operator; Groupe Eiffage and Termotecnica Coindustrial, who joined forces to act as EPC contractor; and UPLI, an infrastructure fund managed by SURA and Credicorp.
 
On the financing front, Astris raised a total of USD 523.7 million of project finance debt made up of two tranches:

• US $393.7 million of senior debt from IDB Invest, FDN, Davivienda and Bancoldex; and

• US $130.0 million of mezzanine debt from Global Infrastructure Partners.

The project consists of a multipurpose port in the Gulf of Uraba, located in the Department of Antioquia, Colombia. The complex will feature a 38-hectare onshore facility connected to an offshore docking platform by a 3.8-km viaduct. In its first phase of construction, it is designed to accommodate an annual throughput of 660,000 TEUs, 1.5 million tons of dry bulk, 1.1 million tons of general cargo, and 60,000 vehicles.
 
As the first major greenfield port to be built in the Uraba region, Puerto Antioquia is poised to transform the logistics landscape of northern Colombia and enhance the competitiveness of the Colombian industry. The project will also contribute to the economic and social development of the Uraba region by bringing employment and responsible investment, compliant with the highest environmental and social standards.

Operations are scheduled to start in 2025: when Puerto Antioquia opens for business, it will be the port on the Atlantic closest to a perimeter representing 75% of the country's GDP and connected to the region of Medellin by world-class road infrastructure following the completion of the Mar 1 and Mar 2 4G toll road projects.
 
Astris Finance is proud to have led the structuring of one of our most exciting and challenging transactions in our 22 years of existence so far. It is an honor to participate in a project that is certain to have a lasting economic and social impact on the beautiful region of Uraba. We are very grateful for the active participation of the most important stakeholders in the region: the local communities around the project, the banana farming cooperatives, the municipal governments of Apartado and Turbo, the department of Antioquia, as well as the various central government line ministries and agencies. We wish the project and its stakeholders a very bright future.

April 2022 - Astris voted LatAm Financial Advisor of the Year by IJ Global - for the 5th time in a row! - and Proximo Infra

This is now the fifth time in a row and the sixth time in seven years that Astris Finance has received the Latin America’s Financial Advisor of the Year award.

Astris's 2021 achievements:

• 26 deals closed across Europe, the Americas and Southeast Asia

• $ 5.6bn of debt raised

• Latin America Financial Advisor of the Year Award by both IJ Global (for the 6th time in 7 years!) and Proximo Infra (for its inaugural award)

• Deal of the Year Awards: Puerto Antioquia (Sponsors: Colombia Banana Industry Stakeholders/CMA-CGM/Eiffage) by IJ Global and Alfa Desarollo (Sponsors: Celeo/APG) by PFI Magazine

From left to right: Romain Papassian (Head of Infra for the Americas), Tobey Collins (Head of Energy for the Americas), and Juan Francisco Toro (Head of infra for Latin America), receive the Proximo Latin American Advisor of the Year award.
New York, 9 March 2022

Washington DC, 1 April 2022

Dear friends,

It is this time of the year again – and I am very pleased to report that Astris Finance has been named 2021 Financial Advisor of the Year for Latin America by both IJ Global and Proximo Infra.

Our landmark Puerto Antioquia project in Colombia also won the IJ Global Latin America Transport Deal of the Year award. This $792 m greenfield container port project -- on which we have been working for over seven years -- is expected to drastically cut the CO2 footprint and improve the economic efficiency of international trade from and to the north of Colombia. More later on this fascinating project.

These awards cap an exciting year 2021 for Astris in Latin America. Beyond Puerto Antioquia, we have helped take six projects to financial close in Colombia, Mexico, Chile, Brazil and Peru, adding up to USD 2.3 bn of debt raised. In particular, Astris advised Dutch pension fund APG and Spanish developer Celeo on the c. USD 1.2 bn acquisition and financing of the Colbun transmission line portfolio in Chile, through an innovative 30-year project bond.

This is the sixth time in seven years that Astris Finance has been named IJ Global Financial Advisor of the Year for Latin America. As we continue strengthening our position in the Latin American infrastructure and energy space, I would like once again to thank all our clients and partners for the fantastic relationships we have established over the years -- and I want to thank our team for the rigor, the creativity and the energy they deploy on every one of our mandates.

Kind regards,

Fabrice Henry
Chief Executive Officer

September 2021 - Astris Finance advises APG and Celeo on the c. $1.2 B acquisition and financing of Colbún Transmisión in Chile.

September 2021 - Astris Finance congratulates its clients APG and Celeo on the strategic acquisition of Colbún Transmisión in Chile through their affiliate Alfa Desarollo. With this acquisition, APG and Celeo jointly have the third largest transmission portfolio in Chile by line length. The acquisition from Colbun SA was completed on September 30, 2021 for a price of US$1,172 M after the settlement of the acquisition financing on September 20, 2021.

Astris served as exclusive financial advisor to APG and Celeo during the competitive acquisition process which started in the fourth quarter of 2020 and culminated in the execution of a share purchase agreement with Colbun on March 30, 2021. Working closely with the legal and other advisors to APG and Celeo, Astris assisted in all aspects of the due diligence and negotiation of the acquisition as well as the financing process.

As part of the financing process, Astris worked to obtain investment grade shadow ratings for Alfa Desarollo as well as a fully committed bridge loan from JP Morgan which was ultimately not drawn. The financing was structured as a project bond in the amount of $1,098 M, rated BBB- by Standard & Poor’s and Baa3 by Moodys which was settled into escrow prior to the acquisition date. The bond which has a 30-year final maturity and a 24-year average life was more than four times oversubscribed at its peak. JP Morgan acted as Global Coordinator and Citibank, Santander and SMBC also served as Joint Bookrunners. The Joint Bookrunners also provided a letter of credit facility recourse to Alfa Desarollo which was structured by Astris as part of the acquisition financing package.

“Astris Finance is honored to have been selected to advise this strong sponsor group in such a competitive process. We are thrilled for APG and Celeo to close this landmark transaction in Chile under such attractive conditions,” commented Tobey Collins, Astris’ Head of Energy for the Americas. Angel Ortega, Celeo´s Chief Investment Officer, said “We are very pleased to expand our presence in Chile with this strategic acquisition and to close our third successful transaction with Astris Finance in Chile in the last five years.”

July 2021 - Astris voted LatAm Financial Advisor of the Year by IJ Global's Panel of Experts - for the 4th time in a row!

This is now the fifth time in six years that Astris Finance has received the Latin America’s Financial Advisor of the Year award.

Astris's 2020 achievements:

• 25 deals closed across our core regions Europe, the Americas and Southeast Asia

• 11 deals closed, $2.3 bn of debt raised in LatAm alone

• INTI Solar also named Latin America’s Renewable Refinancing of the Year - speaking to the firm's positioning across the energy sector in LatAm (Sponsors: Ardian / SolarPack)

Fabrice Henry, Group CEO said: "The leading position we have achieved in Latin America rests in large part on the great relationships we have established with all of you: sponsors and investors, governments and granting authorities, multilateral and bilateral financing institutions, commercial banks and institutional investors, and advisors. We thank you wholeheartedly for this fruitful cooperation!"

See also the Infrastructure Journal interview of Tobey Collins, Romain Papassian and Juan Francisco Toro by clicking here.

December 2020 - Astris congratulates FS on placing its inaugural 144a bond.

December 2020 – Astris Finance is pleased to announce the closing of a $550 million 5-year bond by a Luxembourg affiliate of FS Agrisolutions Industria de Biocombustíveis Ltda (“FS”) which marks its first transaction in the US 144a market. The green bond was placed by Morgan Stanley as sole bookrunner and the proceeds will be used to repay existing project-finance debt and pay transaction expenses. The bond settled on December 15, 2020.

FS is a leading low-carbon biofuel producer in Brazil and also produces animal nutrition products for sale in the area of its headquarters in Mato Grosso state. Astris has advised FS and its leading shareholders Summit Agricultural Group and Tiger Infrastructure Partners since 2017 with respect to positioning in the financial markets, capital structure optimization and overall financial strategy. Our work led to a series of financing transactions which culminated in December’s successful bond issuance. Compared to the prior project finance structure, the bond’s traditional high yield covenant package will grant the business more flexibility to execute upon its business plan.

“We were delighted to assist FS in closing out 2020 on such a high note,” said Tobey Collins, Astris Head of Energy, Americas. Justin Kirchhoff, President of Summit Ag Investors, complemented “Completing this bond offering opens a new chapter for the FS business and we appreciate Astris Finance’s advice over the evolution of our financing structure in the last couple of years.”

Summit Agricultural Group is a diversified agribusiness operator and investment manager with operations in the United States and Brazil. Summit deploys capital across the agricultural supply chain with a particular focus at the intersection of agriculture and renewable energy. For more information, visit: www.summitag.com

Tiger Infrastructure Partners is a middle-market private equity firm that invests in growing infrastructure platforms. Tiger Infrastructure targets investments in communications, energy transition, transportation, and related sectors, primarily located in North America and Europe. For more information, visit www.tigerinfrastructure.com.

December 2020 - Astris Advises Grupo T-Solar on the Sale of Two Solar PV Plants in Peru.

December 2020 - Astris Finance is pleased to announce the closing of the Sunlight transaction, consisting of the sale by Grupo T-Solar of a majority stake in two photovoltaic plants in Peru totaling 44 MWp, GTS Majes and GTS Repartición. Astris Finance acted as exclusive financial advisor to Grupo T-Solar.

Founded in 2006, Grupo T-Solar is dedicated to the promotion of renewable energy, particularly photovoltaic solar plants. The group has developed a renewable energy platform with a total net capacity of close to 400 MWp distributed across Europe, Asia and the Americas. Between 2010 and 2015, Astris has advised T-Solar on five financing deals in Peru, Italy, Japan and India.

This sale transaction involved teams across Astris’ offices in Europe and the Americas who worked in coordination with the Grupo T Solar’s team to conduct a competitive sale process featuring the plants’ unique technical elements, solid shareholder structure and strong refinancing potential. The process resulted in the selection of the minority shareholder, Japanese group Sojitz Corporation, to acquire the 51% stake owned by Grupo T-Solar.

Back in 2012, Astris Finance advised Grupo T-Solar in structuring the financing of these two PV plants at greenfield stage through an innovative partial credit guarantee structure, at the time the first utility scale solar project in Peru. In 2014, two years post COD, Astris advised Grupo T-Solar in the divestment of a 49% stake to Sojitz Corporation. The recently announced transaction allows Grupo T-Solar to close the loop and fully monetize the value of these attractive assets. It demonstrates once again Astris’s ability to advise sponsors throughout the life cycle of their assets.

November 20 - Astris is pleased to announce the successful closing for the financing of a 160 MW greenfield wind portfolio in northeast Brazil

November 2020 - Astris Finance is pleased to announce the closing of the financings in connection with Terra Santa and Maral wind projects, consisting in the raising of a R$423m (~US$76m) financing for a 159.7 MW greenfield wind portfolio located in Rio Grande do Norte, northeast Brazil (the “Portfolio”).

As financial advisor, Astris assisted Total Eren with a carefully crafted project financing structure with Banco do Nordeste do Brasil (BNB), which was the sole lender of this transaction. As guarantee to BNB a limited/non-recourse letter of credit for the benefit of lender was provided by a syndicate of three commercial banks active in Brazil.

November 2020 - Astris congratulates Arroyo Energy on closing two refinancings in Latin America

November 2020 – Astris Finance is pleased to announce the closing of two refinancing transactions with the Arroyo Energy Group (“Arroyo”). The first one for the Pemcorp gas-fired power plant in the northern region of Mexico; the second one for a renewable portfolio (one solar and one wind asset) in Chile.

The Pemcorp refinancing in the amount of USD 195 Mn is backed by contracted revenues. The 142 MW power plant (130 MW of installed capacity + a 12 MW battery system as a backup) sells its energy through a private PPA to an international car manufacturer in the state of Nuevo Leon, Mexico. The deal was closed in September with SMBC and Natixis as Joint Book-Runners and ING as Mandated Lead Arranger.

The Chilean portfolio included El Arrayán (115 MW of wind) and Conejo (122 MW of solar). The refinancing was executed at the holdco level in the amount of USD 429 Mn including ancillary DSR LC and working capital facilities. The facilities are backed by contracted revenues with Minera los Pelambres, a Chilean mining concern within the Antofogasta group). The financing closed in October and was led by CA-CIB and SMBC as Joint Bookrunners as well as MUFG, Soc-Gen as MLAs, and Caixabank, and Sabadell.

Astris served as financial advisor to Arroyo in both transactions, actively participating in the optimization of the structure of the refinancings as well as the key terms and conditions of the debt. The refinancings generated value for Arroyo and its investors by providing additional financial flexibility.    

Arroyo Energy is an independent investment manager focused on power and energy infrastructure assets in the U.S., Mexico and Chile. This is Astris’ third closing with Arroyo over the last two years.

November 2020 - Astris Finance advises Ardian and Solarpack on a Brownfield Refinancing of Three Solar PV Assets in Peru

November 2020 - Astris Finance congratulates its clients Ardian and Solarpack on the strategic refinancing of the Tacna, Panamericana and Moquegua assets, unleashing free cash for future investments at Ardian and Solarpack level while further enhancing equity returns on the three existing assets.

Astris served as exclusive financial advisor for the refinancing process which consisted of three separate asset level facilities for a total non-recourse, fully-amortizing debt of USD 212.6 million and non-recourse debt service reserve letters of credit of USD 12.5 million. The refinancing was closed with three international commercial banks, BNP Paribas, Societe Generale and Sumitomo Mitsui Banking Corporation. The original lender to the three assets was the Development Finance Corporation, previously known as the Overseas Private Investment Corporation.

“Astris Finance was involved in the original financings for these assets when the renewable sector in Peru was relatively new so we are honored to have also participated with Ardian and Solarpack in the recent commercial refinancings, demonstrating the strong market appetite for the country and the sector,” commented Tobey Collins, Astris’ Head of Energy for the Americas. Ignacio Artacoz, Executive Chairman of Solarpack, said “We are pleased with the value for our shareholders created by these refinancings” and Emilio Andrade, Director in the Ardian Infrastructure team, complemented “In spite of challenging market conditions in 2020, we were able to close this accretive transaction for key assets in our LatAm portfolio.”

The refinancings extended the debt maturity by 2 to 4 years depending on the asset while taking advantage of current interest rates levels and additional competitive economic terms from the new Lenders. The transaction achieved an initial  closing in November and will be fully closed by year-end.

June 2020 - Ferrocarril Central Project in Uruguay Complements USD 860m Senior Financing with USD 75m Second Lien Financing

Astris Finance is pleased to announce the closing and first disbursement of a USD 75m second-lien mezzanine facility for the Ferrocarril Central project in Uruguay, sponsored by Sacyr, NGE, Saceem, and Berkes (the “Sponsors”).

Following up on Astris’ role as exclusive financial advisor for the 860m senior debt package in October 2019, Astris advised the Sponsors on the closing of the subordinated tranche with the Interamerican Development Bank and Global Infrastructure Partners (GIP).  The term loan consists of a USD 7.5m A-loan from IDB Invest and a USD 67.5m B-loan from GIP. It is IDB Invest’s first subordinated A-B loan structure for an infrastructure investment in Latin America.

The mezzanine debt is provided at the project company level under a second lien structure, a relatively rare structure for subordinated debt investments in Latin America which are more commonly placed at HoldCo level. The successful closing of this facility illustrates Astris’ expertise in working across complex, multi-lender and multi-sponsor environments to maximize value for project sponsors and provide enhanced liquidity for key infrastructure assets in Latin America.

The project began construction in 2019, and despite COVID-19 challenges on both the project execution and the financing, Astris and Sponsors were able to execute the closing during construction with an international group of lenders and advisors, a testament to the dedication and creativity of all parties involved. 

The Ferrocarril Central project consists of the design, construction, financing, rehabilitation and maintenance of a 273 km railroad under an 18-year PPP contract. The Project will connect a new, world-class eucalyptus pulp mill to be built in the central region of Paso de los Toros by Finnish firm UPM, a world leader in environmentally responsible pulp products, with the port of Montevideo. The project is expected to play a vital role in the economic development of Uruguay.

March 20 - Astris congratulates clients Cymi and Brookfield on the successful financial close in connection with three transmission lines in Brazil

March 2020 - Astris Finance is pleased to announce the successful closing of three financings in the transmission sector in Brazil totaling more than USD 1.2 bn, including the largest BNDES loan in the energy sector in Brazil in 2019.

All three projects are owned by Cymi (ACS group from Spain) and Quantum (a Brookfield Brazilian subsidiary). The largest project, Mantiqueira (1261 km), achieved its first disbursement of the USD 680m senior debt in December 2019 while Chimarrão (934 km) and Sertaneja (485 km) reached financial close in January and February 2020 respectively. Astris acted as exclusive financial advisor to the Sponsors from bid stage to first disbursement. The total debt raise across the three projects was in excess of USD 1.2 bn.

The projects consist of the design, construction, financing, operation and maintenance of a combined total 2,680km in transmission lines under 30-year concession contracts. The projects are located in the states of Minas Gerais, Rio Grande do Sul, Piauí and Bahia and will play an important role in increasing interconnection within the Brazilian grid, as well as allowing new renewable sources to transmit energy to the load centers. The total investment amount of Mantiqueira, Chimarrão and Sertaneja combined is more than USD 1.6 billion.

Astris worked with the Sponsors’ team to design and implement a comprehensive financing strategy, looking at every potentially available source of long-term liquidity. Ultimately, BNDES was selected as the optimal financing strategy with a door-to-door maturity of 24 years.

The projects were awarded in auctions conducted in 2015 and 2016 and All relevant environmental licenses were obtained in 2019 after which the senior debt package for each project was rapidly executed by year end 2019.

December 2019 - Astris Finance is pleased to announce the closing of the senior debt financing for Energia del Pacifico, majority-owned by Invenergy

The Energia del Pacifico project (“EDP” or "Project”) consists of the development, construction, and operation of a 378MW LNG-to-power plant at the Port of Acajutla in El Salvador. The Project is majority-owned by Invenergy (“Invenergy” or “Sponsor”), a leading privately held global developer and operator of sustainable energy solutions, along with its local partner and original developer, Quantum Energy. Lenders to the Project include the Overseas Private Investment Corporation ("OPIC"), the International Finance Corporation (“IFC”), Finnish Export Credit Ltd (“FEC”), and the Inter-American Investment Corporation (“IDBI”). Astris Finance served as exclusive financial advisor to Invenergy over the multi-year financial structuring process.

This Project is expected to have a high developmental impact in El Salvador through the development of the country’s first LNG-to-power generation facility. As the largest thermal power plant in El Salvador, the Project will help meet increasing electricity demand, adding 30% to the country’s available installed capacity and displacing an equivalent amount of polluting and CO2 intense heavy fuel oil based thermal generation.

The EDP Project and the attendant FSRU (leased by the Project), together, will represent approximately US$ 1 billion of investment dedicated to a country whose credit rating makes for a challenging credit environment. The Project used multi-point contracting structure managed by Invenergy with a total construction period slated to cover a period of two years from the issuance of notice to proceed.

The Project successfully raised $657 million of multi-source limited-recourse financing, consisting of three loans provided by development finance institutions (IFC, OPIC and IDBI), as well as an ECA covered loan with KfW IPEX-Bank as the original lender and facility agent, FEC as the funding provider and the Finnish Export Credit Agency Finnvera guaranteeing the ECA loan. The Lenders are pari-passu in seniority and the total debt collectively covers a period of 18 years door-to-door which is a notable tenor for Central America. The transaction closed in December 2019.

December 2019 - Astris Finance advises Celeo Redes on a Greenfield-Brownfield Portfolio Financing via US Private Placement in Chile

The portfolio of transmission projects in Chile totals more than 550km of transmission lines and 8 substations and consists of one operating asset and two construction assets (CASTE and MATE) to be built over the coming four years. The CASTE project (itself made up of 3 subprojects) is expected to benefit up to 50% of the national population, operating in one of the most densely populated areas of the country and the MATE project (itself made up of 11 subprojects) is expected to benefit 17.6% of the national population.

The portfolio forms part of the national transmission grid in Chile where revenues from the assets are based on availability payments which will be reset after 20 operating years.

Astris Finance served as the exclusive financial advisor to Celeo Redes during the financing process. The financing amounted to USD 365 million which was issued via a private placement, fully subscribed by Allianz Global Investors. The debt has a total tenor of 30 years and a weight average life of over 20 years. This is one of the largest private placements in the region to date and the first at this tenor with a greenfield / brownfield mix. The transaction closed in December 2019.

November 2019 - Ferrocarril Central Project in Uruguay Closes USD 860m Dual Currency Senior Financing Package.

November 2019 - Astris Finance is pleased to announce the closing and first disbursement of the USD 860m senior debt package for the Ferrocarril Central project (the “Project”) sponsored by Sacyr (Spain), NGE (France), SACEEM (Uruguay) and Berkes (Uruguay) (the “Sponsors”). Astris acted as exclusive financial advisor to the Sponsors from bid stage to first disbursement.

The Project consists of the design, construction, financing, rehabilitation and maintenance of a 273 km railroad under an 18-year PPP contract. The Project will connect a new, world-class eucalyptus pulp mill to be built in the central region of Paso de los Toros by Finnish firm UPM, a world leader in environmentally responsible pulp products, with the port of Montevideo. The pulp mill and the connected infrastructure will require an investment in excess of USD 3 billion, one of the largest private investments ever in Uruguay. The Ferrocarril Central Project itself costs more than USD 1 billion.

Astris was mandated by the Sponsors in January 2018. We worked with the Sponsor team to put together a comprehensive financing strategy, looking at every potentially available source of long-term liquidity. The bid was submitted in May 2018 and the PPP contract with the Ministry of Transportation and Public Works was signed in May 2019. The senior debt package was signed on 21 October 2019.

The senior debt package consists of three facilities with an aggregate amount of USD 860m and a door-to-door maturity of 17 years:

• A USD 300m A loan provided by IDB Invest, coupled with a USD 160 m B loan provided by SMBC and Intesa San Paolo;

• A USD 85m parallel loan from regional development lender CAF; and

• A local currency loan of UI 2,700m (i.e. USD 315m equivalent) provided by a dedicated fund raised and managed by CAF-AM, the asset management arm of CAF.

Fabrice Henry, CEO of Astris Finance, stated: “This project illustrates one of the situations in which Astris excels: working hand in hand with the Sponsor team throughout the Project development cycle to identify, structure and close a complex, multi-tranche financing. In doing so, we focus on a dual objective: maximizing sponsor value while minimizing execution risk. We are very happy we were able to close such an innovative project finance package in such a tight timeframe. We are thankful for the great collaboration with all stakeholders including the Sponsors, the lenders and the Government. We wish them all the best in the construction of this vital Project.”

June 2019- Astris Closes 69.5 MW Solar Portfolio in Chile

Astris Finance is pleased to announce the successful closing of the 69.5 MW Arroyo Solar Portfolio Financing in Chile. The Portfolio includes a mix of greenfield and brownfield assets being developed under the regulated tariff structure of Pequeños Medios de Generación Distribuída (“PMGD”).

 Astris served as the sole financial advisor to the Arroyo Energy Group, a private equity fund based in the United States, and Natixis arranged the financing.

March 2019 - Astris Announces the Closing of Two Solar PV Deals in Mexico and Argentina with Neoen

Astris Finance is pleased to announce that our client, Neoen, has reached financial close on two Solar PV projects in Mexico and Argentina. We acted as financial advisor to Neoen beginning during each respective bidding process through financial close.

Astris served as the financial advisor on the Aguascalientes Project, a landmark project in Mexico. This was the largest project awarded a PPA in Mexico Third RE auction at 374 MWp, with the world’s cheapest solar PV PPA price at US$18.93/MWh. Astris secured financing for US$186m with competitive terms including a senior debt tenor of 19.5 years, door-to-door

In Argentina, Astris advised Neoen on the Altiplano Project, a combination of two projects, with power purchase agreements awarded in the RenovAr competitive tenders The financing consisted of two tranches, one with the participation of Proparco, DEG and ICCF, and the second with Societe General and KfW, including a coverage from BPIAE.

Neoen is France’s leading independent producer (IPP) of renewable energy. Neoen is active in France, Australia, El Salvador, Zambia, Jamaica, Portugal, Mexico, Mozambique, Finland, and Argentina and has assets in more than 15 countries.  

Astris acted as sole financial advisor to Neoen.

November 2018 - Astris Closes the Senior Financing for the Arriaga-Tapachula Road Project in Mexico

Astris Finance is pleased to announce the successful closing of a MXN 3,000m (USD 160m) facility to finance the Arriaga-Tapachula highway conservation project. The project consists in the construction, modernization and maintenance of a 487 km road in the state of Chiapas. The project was awarded to a Consortium of local companies: Grupo Indi, Idinsa, Supra and Constructora Cañeros in May 2018. The non-recourse, 9.5 year door-to-door senior debt facility was signed with local lender Banorte, which also provided a MXN 538m (USD 28.8) VAT facility.

Astris Finance acted as sole financial advisor to the Consortium during the bid stage, and through the selection of the sole arranger and the structuring and closing of the bank facility.