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.”

October 2019 - Astris Advises Sonnedix France on 189 m€ Portfolio Refinancing

Astris Finance is pleased to announce the closing by independent solar power producer Sonnedix of the refinancing of a fully operational solar PV portfolio located in France, for a total debt amount of 189 m€.

The refinancing followed the acquisition by Sonnedix in April of the portfolio of 5 SPVs with a total installed capacity of 55 MW.

The transaction was closed in a short time-frame, benefiting from the favorable market conditions. La Banque Postale, CaixaBank, Société Générale and MUFG Bank, Ltd. acted as Mandated Lead Arrangers.

Astris Finance acted as the exclusive financial advisor to Sonnedix, a long-time client of Astris in France, where they are operating over 250 MW of solar PV projects. Sonnedix has a total controlled capacity of 1.7 GW worldwide.

September 2019 - Astris Closes the Largest French Solar PV Senior Debt Refinancing (810 M€) for Tenergie

Astris Finance is pleased to announce the closing of the Phoenix V transaction, the 810 M€ senior debt refinancing of a 255 MW portfolio of French solar assets held by Terres d’Energie, an investment vehicle jointly owned by Tenergie Group and Credit Agricole Pyrénées Gascogne. Astris Finance acted as exclusive financial advisor to the sponsors on this transaction.

The 170 operating PV assets composing the portfolio had been initially financed through a number of separate project finance facilities. Terre d’Energie took advantage of the attractive market conditions and of the portfolio’s outstanding operational track record to optimize its capital structure. The refinancing made it possible to extend the debt maturity, lower the debt service coverage ratio and significantly reduce financing costs.

The 810 M€ facility was led by BNP Paribas and the Crédit Agricole Group including CA-CIB and Auxifip acting as co-Mandated Lead Arrangers, with the participation of BPI France.

Arnaud Germain, head of Astris Finance activities in France, said: « We are extremely proud to have advised the Tenergie Group and Credit Agricole Pyrénées Gascogne on this landmark transaction, the largest renewable refinancing to date in France. We managed to run a thorough due diligence process and close the transaction in 6 months door-to-door thanks to our seamless cooperation with Tenergie. This is the fifth refinancing transaction we close with Tenergie since 2015. We are very thankful for the trust they have been placing in us over the years. »

 Over the past 4 years, Astris Finance has raised over 3.5 bn € of project finance debt and executed 10 M&A transactions for a total enterprise value of c.5 bn € in the French renewable energy space.

August 2019 – Astris Closes the Sale of 72 MW French Portfolio for Marguerite Pantheon

Astris Finance is pleased to announce the successful sale of a portfolio comprised of six ground-mounted PV assets of 12MW each, located in the North East part of France. The portfolio was 100% held by Marguerite Pantheon and managed by Marguerite on behalf of Pantheon.

Tenergie - a leading French IPP - in partnership with Crédit Agricole Pyrénées-Gascogne Énergies Nouvelles, acquired the solar PV assets through their subsidiary Terres d’Énergie.

All projects entered commercial operation in July 2012 and benefit from 20-year Feed-in Tariffs with EDF. 

Astris served as exclusive financial advisor to Marguerite and managed the competitive process, which closed in less than 6 months.

Marguerite Pantheon: Marguerite Pantheon SCSp is an alternative investment fund, owning a portfolio of European renewable and concession-based assets, managed by Marguerite. Pantheon, a leading private markets investor in private equity, infrastructure and real assets, is the only investor in Marguerite Pantheon SCSp.

Marguerite: Marguerite is a leading independent fund management company, offering investors access to diversified long-term infrastructure projects in Europe. Marguerite has more than 1.5 EURbn of assets under management through three funds: Marguerite I, Marguerite II and Marguerite Pantheon

August 2019 – Astris Closes the Sale of a 34 MW French Solar Portfolio, held by Ampere Fund and managed by DIF, to Engie Solar

Astris Finance is pleased to announce the successful sale of the Sunrise portfolio of 3 large scale ground-mounted solar plants minority owned by Ampere Fund to Engie Solar. Astris served as the sole financial advisor to DIF, the independent fund manager. Sunrise is the third transaction on which Astris has advised DIF, following the senior debt portfolio refinancing of the Durance solar PV assets in 2017 and the sale Alpine sale process in 2019.

The total capacity of this portfolio adds up to 34 MW. The portfolio included 3 assets, all of which entered commercial operation in 2011. All projects benefit from 20-year Feed-in Tariffs.

July 2019 - Astris Announces Closing of European M&A and Acquisition Financing Transaction

Astris Finance is pleased to announce the closing of the Tesla transaction, which consisted in the advisory to Total Eren in the bid process for the acquisition of Novenergia Holding Company (“Novenergia” or the “Seller”), a platform with more than 650 MW of renewable assets across Europe, and the raising of a EUR 250m acquisition facility.

In November 2018, Total Eren, a leading French-based renewable Independent Power Producer (IPP), was invited to participate in a limited competitive process, and Astris started working immediately on the transaction. Preliminary discussions were held with the Seller by mid-December, a non-binding offer was submitted in February 2019 and the acquisition was completed in April 2019 by Total Eren.

Due to the short timing, Total Eren funded the acquisition with a bridge loan. Thus, in parallel, Astris started working on a financing solution that could allow Total Eren to repay the bridge and optimize the acquisition. Astris performed a market read among a selected number of commercial banks and institutional investors, on the basis of two possible financing alternatives.

A term-sheet was agreed with two banks early April while further discussions were held in parallel. The acquisition facility was subsequently closed in July 2019, thanks to the collaborative work between Astris’ Paris and Madrid offices.

The facility is a 5-year loan for a total amount of EUR 250m, equally shared by BBVA, BNP Paribas, and Natixis.

The acquired platform is composed of wind, solar PV and hydro operating assets that span across Portugal, Italy, Spain, France, Poland, and Bulgaria, adding a layer of complexity to this transaction, due to the range of technologies and geographies. Credit documents were signed on 8 July 2019, and disbursement occurred on 12 July 2019.

Astris Finance acted as the financial advisor to Total Eren on this transaction, both for the acquisition of the assets and the raising of the financing. 

Yonatan Shek, VP, Corporate and Business Development at Total Eren, stated: “through this transaction, we successfully finalized a major acquisition which further diversifies our portfolio and substantially expands our presence in Europe. Astris teams’ expertise and in-depth knowledge of the European renewable energy markets have been essential in being able to close a 1bn+ euro transaction in less than 4 months.” 

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.

May 2019 – Astris Completes Sale of Equity Interest in 300 MWp Solar PV Project in Spain

Astris Finance is happy to announce the closing of the Talasol transaction, the sale of an equity interest in a 300 MWp Solar PV project in Southern Spain. Ellomay’s wholly-owned subsidiary, Ellomay Luxembourg Holdings, S.à.r.l., sold 49% of the outstanding shares of Talasol Solar, S.L.U. (the "Project Company"), to GSE 3 UK Limited and Fond-ICO Infraestructuras II, FICC. Astris’ office in Madrid has worked for the past nine months to close this sale.

This Project Company is promoting the construction of a photovoltaic plant with a peak capacity of 300MW in the municipality of Talaván, in Extramadura Spain (the "Talasol Project").

The Talasol Project is one of the first PV projects in Spain to secure a PPA. Ran Fridrich, CEO and a board member of Ellomay, commented: "The entry of partners to Talasol, which is expected to be one of the largest photovoltaic projects in Europe, will mark the final milestone for financial closing and commencement of construction of the project, which will take place right after. The transaction enables us to create an optimal ownership structure that includes entities with advantages both on the local level and on the financial level, alongside the continued control of the project by Ellomay."

Ellomay Capital Ltd., an Israeli based public company, is a renewable energy and power generator, and developer of renewable energy and power projects in Europe and Israel.

Astris services as sole financial advisor for this transaction.

April 2019 - Astris Closes Debt Financing on Vietnam Solar Power Plant Project

Astris Finance is pleased to announce the successful closing of the debt financing for the 49.5-MWp Cat Hiep Solar Power Plant Project (the “Project”), arranged with one of Vietnam's largest banking groups.

 Quadran International developed the Project, in association with Truong Thanh Vietnam Group (TTVN). Astris Finance acted as the sole financial advisor to the project company and sponsors.

The Project is the first solar power plant developed in Vietnam by Quadran International. It is currently under construction, with the goal of reaching commission in June 2019. The target annual production of the Project is approximately 76.5 MWh, which will supply energy to 40,000 homes in South Central Vietnam. The Project secured a 14-year project finance package on a non-recourse basis.

A credit agreement between the Project company and the domestic bank was signed on March 7 at the French Embassy of Hanoi. His Excellency M. Bertrand Lortholary, Ambassador of France, was in attendance.

Hugo Virag, who heads Astris Finance’s operations in Southeast Asia, said, “We thank Quadran International for its confidence in Astris Finance’s ability to secure long-term project financing in a very short time frame. On the back of the first Vietnamese renewable debt financing that we closed in the wind sector in mid-2018, we were confident we could replicate the same project finance package in the solar sector while significantly fast-tracking the credit process. We achieved a time frame of four months from due diligence and structuring to signing the credit documentation."

Fabrice Henry, CEO of Astris Finance, said: “This transaction is another important milestone for both the Vietnamese renewable sector and the Vietnamese banking sector, as it sets a project finance standard in line with international best practices. This second closing in less than 12 months confirms the breakthrough of the wind financing we arranged in the summer of 2018 and bodes well for the future of renewable financing in Vietnam.”

For any inquiries, please contact Mr. Hugo Virag via email (hugo.virag@astrisfinance.com) or at +65 6809 3718

April 2019 – Astris Closes the Sale of a 115 MW French Solar Portfolio for DIF III and IV

Astris Finance is pleased to announce the successful sale of the Alpine portfolio of 29 solar plants owned by DIF to Terres d’Energie, whose majority stakeholder is Tenergie. Astris served as the sole financial advisor to DIF, an independent infrastructure fund manager. Alpine is the second transaction on which Astris has advised DIF, following the senior debt portfolio refinancing of the Durance solar PV assets in 2017.

The total capacity of this portfolio adds up to 107.8 MW, of which:
•    DIF III was a shareholder in projects which capacities totalled 97.8 MW
•    DIF IV was a shareholder in projects which capacities totalled 10MW

The portfolio included a mix of ground-mounted and rooftop assets, all of which entered commercial operation between 2009 and 2016. All projects benefit from 20-year Feed-in Tariffs. 

Andrew Freeman, Head of Exits of DIF, said: “We are pleased with the completion of the sale of the Portfolio that was successfully optimized throughout the life of the assets, starting with acquiring individual projects or small portfolios, bringing some of them through construction, completing refinancings of two sub portfolios in 2016 and 2017, recontracting and then exiting via a competitive portfolio sales process.”

DIF
DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:
•    DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
•    DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

April 2019 – Astris Closes the Julia Transaction, the Sale of a 115 MW French Wind and Solar Portfolio

Astris Finance is pleased to announce the completed sale of Glennmont Partners’ French renewable portfolio. This portfolio was comprised of both solar PV and wind assets located in mainland France, with a total installed capacity of 115 MW. Following a thorough market consultation, the portfolio was divided into two separate transactions (Wind Assets and Solar Assets). The wind assets were sold to Falck renewables, while the PV assets, car park shelters located on 5 different Renault sites were sold to the leading IPP Sonnedix.

 Glennmont Partners is one of Europe’s largest fund managers focusing exclusively on investment in clean energy infrastructure. Glennmont Partners raises long-term capital to invest in alternative power generation projects, such as wind farms, biomass power stations, solar parks, and small-scale hydropower plants.

 Astris acted as exclusive financial advisor to Glennmont Partners and managed to close the two transactions in a parallel, a key parameter of success for our client.

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.

January 2019 – Astris Closes the Refinancing of the 500 Solar PV plants of Sunzil, a French IPP held by Total and EDF operating in the French Islands

Astris Finance advised Sunzil, a French solar IPP held by Total and EDF, in connection with the refinancing of its portfolio of operating groung-mounted and rooftop PV assets located mostly in the French Caribbean and la Réunion Islands. Sunzil has refinanced the historic loans contracted from various commercial lenders over the past 10 years. Sunzil took advantage of the attractive market conditions and of the portfolio’s operational track record to refinance its existing debt. The refinancing allowed the sponsor to extend the maturity, lower debt service coverage ratios, replace the existing DSRA by a DSRF and reduce significantly the financing cost.

The EUR € 120 m senior debt facility was led by SMBC and la Banque Postale acting as co-Mandated Lead Arrangers, with the participation of BPI France.

Astris Finance acted as exclusive financial advisor to Sunzil in connection with the refinancing of the portfolio, which is to date the largest portfolio of solar assets refinanced in France (over 500 plants).

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.

October 2018 - Cerro Dominador Dual Technology Solar Complex in Chile's Atacama Desert Closes US$ 1bn Financing Package and Receives Two Deals of the Year Awards

Earlier this month the Project received two awards from Latin Finance: Best Renewable Energy Financing in Latin America and Best Infrastructure Financing, Andean Region.  
12 lenders participated in the financing, totaling c. US$ 1bn of commitments. 

Astris congratulates its client EIG Global Energy Partners (EIG) and its portfolio company Cerro Dominador on the successful funding of the final stage of construction for its 210 MW combined photovoltaic (PV) and concentrated solar power (CSP) plant in the Atacama desert in Chile - and on the two well deserved awards. 

The funding in July 2018 allowed for the repayment of certain bridge loans as well as payment for the issuance of notice to proceed to finalize the construction of the CSP plant which had been suspended. The PV plant is already operational and the CSP plant is expected to achieve COD during 2020. The works are being executed by Abengoa and Acciona under joint arrangements. Cerro Dominador’s CSP plant will be the first operational CSP plant in Latin America – marking the beginning of a new era for renewable power in Chile and the region.

Astris Finance served as financial advisor to EIG and Cerro Dominador on this landmark transaction which included the participation of twelve international project finance banks and institutional investors.  Astris advised on the Senior Debt Facilities (which included a senior loan, a VAT loan and a debt service reserve letter of credit) as well as a financing at the holding company level.

“The financing for Cerro Dominador illustrated Astris’ ability to build on its substantial track record in the Chilean energy sector with respect to both technology and size,” mentioned Tobey Collins, Managing Director and Head of the Astris Washington DC office.

Romain Papassian, Astris Director and deal team leader, further added “We were able to rise above the financing challenges associated with the project’s status as the first application of the CSP technology in the region as well as the project’s history to successfully close and fund on a timely basis.”

The Cerro Dominador financing was innovative in terms of technology, financing structure, and size – and Astris is proud to have been a part of this achievement together with EIG and Cerro Dominador. 

September 2018 - Sale of LANGA to ENGIE Green France

Astris Finance congratulates its clients, the shareholders of LANGA, for successfully completing the sale of LANGA to French energy leader ENGIE Green France. 

Founded in 2008 in Brittany, the LANGA group is one of the most active French independent producers of renewable energy. LANGA is present in solar, wind, biogas and biomass. LANGA is involved in the entire value chain of its projects, from development to construction and operation. Its portfolio of assets in operation is expected to reach 215 MW by the end of 2018, of which 165 MW in solar energy and 39 MW in wind energy. LANGA is also developing 1.3 GW of projects due to be completed by 2022. It demonstrated its competitiveness during the most recent CRE2 solar calls for tender, where it came in third with ENGIE taking first place.

Astris Finance served as exclusive financial advisor to the shareholders of Langa on this landmark transaction. The competitive process, was concluded in 6 months from start to finish. It benefited from a thorough vendor due diligence exercise which encompassing over 600 solar and wind assets in development or operation.

Gilles Lebreux, founder and CEO of the LANGA group, stated: “The clarity and determination shown throughout the acquisition proposal as well as the business proposal put forward by ENGIE were key factors in the decision of our shareholder group to project LANGA into the future. The management team has gradually been able to position itself as a major actor in the development of renewable energy in France and in particular in 2017, by winning many calls for tender launched by the CRE. The partnership with Terre et Lac and the support from Astris Finance, as financial advisor, have been major factors in the development of the LANGA group as well as in the timeliness of this alliance.”

Arnaud Germain, a Director in the Paris office of Astris and the Transaction team leader added: “The French renewable energy sector has now entered a consolidation phase, which is reflected by a number of recent, large-scale transactions. The profile of the historical players is naturally leading the sector towards consolidation to create more sizable and better capitalized entities, attracting larger investors. The sector is currently witnessing the execution of several consolidation operations in a variety of forms -- assets sale, acquisition of independent power producers, financial and/or strategic partnerships, where Astris Finance is ideally positioned to play a key role thanks to both its extensive track record in the global renewable space and its intimate knowledge of the French renewable industry.”

July 2018 - Cerro Dominador, LatAm's First CSP Plant Closes & Funds

Astris congratulates its client EIG Global Energy Partners (EIG) and its portfolio company Cerro Dominador on the successful funding of the final stage of construction for its 210 MW combined photovoltaic (PV) and concentrated solar power (CSP) plant in the Atacama desert in Chile. The financing which total almost USD one billion signed in May and received its first disbursement on July 3, 2018.

The funding allowed for the repayment of certain bridge loans as well as payment for the issuance of notice to proceed to finalize the construction of the CSP plant which had been suspended. The PV plant is already operational and the CSP plant is expected to achieve COD during 2020. The works are being executed by Abengoa and Acciona under joint arrangements. Cerro Dominador’s CSP plant will be the first operational CSP plant in Latin America – marking the beginning of a new era for renewable power in Chile and the region.

Astris Finance served as financial advisor to EIG and Cerro Dominador on this landmark transaction which included the participation of twelve international project finance banks and institutional investors.  

“The financing for Cerro Dominador illustrated Astris’ ability to build on its substantial track record in the Chilean energy sector with respect to both technology and size,” mentioned Tobey Collins, Managing Director and Head of the Astris Washington DC office. Romain Papassian, Astris Director and deal team leader, further added “We were able to rise above the financing challenges associated with the project’s status as the first application of the CSP technology in the region as well as the project’s history to successfully close and fund on a timely basis.”

The Cerro Dominador financing was innovative in terms of technology, financing structure, and size – and Astris is proud to have been a part of this achievement together with EIG and Cerro Dominador. 

July 2018 – Dam Nai Wind Project Closes on Vietnam’s First Non-Recourse Project Financing in the Non-hydro Renewable Energy Sector

Astris Finance is pleased to announce the successful closing of the debt financing for the 40 MW Dam Nai wind project (the “Project”) arranged with one of the largest Vietnamese banking groups.

This closing would not have been possible without the remarkable collaboration of the visionary stakeholders behind the Dam Nai wind project. Ahead of the market, these stakeholders worked together to apply the global wind industry’s best practices in respect of all aspects of project development -- design, construction, operation, environmental & social impact assessment and mitigation, and debt financing.

The Project has been developed by Singapore-headquartered The Blue Circle in association with local partner TSV Investments. In February 2017, Armstrong SEA Clean Energy Fund invested into the Project and since then has been acting as its financial sponsor. Astris Finance acted as exclusive financial advisor to the project company and its sponsors.

The Project was the first foreign-controlled wind farm project to reach commissioning in Vietnam, when its Phase 1 of 6MW achieved commercial operation in November 2017.

The seventeen-year financing for an amount in VND equivalent to approximately USD 45m signed in June and received its first disbursement on July 3rd, 2018. Its main purpose is to refinance a portion of the Phase 1 costs and to finance the construction of Phase 2. It is the first-ever long-term project finance package arranged for a non-hydro renewable project in Vietnam with no direct recourse against the sponsors and no credit enhancement solution.

Hugo Virag, who heads Astris Finance’s operations in South East Asia, said: “This is a landmark transaction for both the Vietnamese renewable sector and the Vietnamese banking sector. We hope it will greatly contribute to setting solid market standards for the Vietnamese renewable project finance sector, paving the way for the rapid expansion of renewable energy in Vietnam.”

According to the National Power Development Plan VII, as amended in 2016, Vietnam’s generation capacity is expected to grow from 45 GW currently to 130 GW in 2030 – with over 26 GW to be contributed by non-hydro renewable projects. This growth is unlikely to take place without a solid project finance framework in place.

Fabrice Henry, CEO of Astris Finance, said: “This transaction showcases one of the trademarks of Astris: our ability to patiently work with market participants to craft a financing structure that closes the contractual and regulatory gaps often present when a new energy market emerges.

We are both honoured and proud to have contributed to the advancement of the renewable energy market in Vietnam and are hopeful that the market will grow very strongly in the years ahead.”

For any inquiries, please contact Mr. Hugo Virag via email (hugo.virag@astrisfinance.com) or at +65 6809 3718

June 2018 - Astris closes the refinancing of a portfolio of operating wind assets in France

Astris Finance is pleased to announce the successful closing of a € 67 m facility to refinance a portfolio of operating wind assets owned by EOS (the “Sponsor”) and located across France (the “Portfolio”).

The Portfolio has a total installed capacity of 101 MW, spread over 9 plants. The plants were initially financed individually through non-recourse project finance facilities and were completed between 2006 and 2010. The Sponsor took advantage of the favorable market conditions and of the Portfolio’s operational track record to refinance the Portfolio at attractive terms. The Refinancing allows the Sponsor to extend the financing maturity, lower debt service payments and reduce financing costs.

The € 67 m facility was provided by CIC and BPI France. Astris Finance acted as exclusive financial advisor to the Sponsor in the structuring and raising of the € 67 m facility.