August 2020 - Astris advises Valorem on two portfolio refinancing transactions.

August 2020 - Astris Finance is pleased to announce the closing by Valorem of the refinancing of two renewable portfolios. Valorem is one of the largest French renewable IPP’s with more than 1.7 GW of renewable energy assets developed. Astris Finance acted as exclusive financial advisor to Valorem.

Project Elcano consisted in the refinancing of a 165 MW portfolio of 11 onshore wind assets and 2 PV assets in operation located in France, for a total debt amount of €300m. Société Générale, Groupe Crédit Agricole (including CACIB and Unifergie) and BPI acted as Mandated Lead Arrangers.

Project Clarence consisted in the refinancing of mini-hydro assets located in Guadeloupe, France. The Portfolio comprises 16 run-of-the-river plants in operation for a total capacity of 10.4 MW. The total debt amounts to €52m. La Banque Postale and BPCE acted as Mandated Lead Arrangers.

The two refinancing transactions were implemented in the context of the unfolding COVID crisis and reached successful closing in a very short time frame. The new financings present several important benefits for Valorem: maturity extension, lower debt service coverage ratio, replacement of the existing DSRA by an unfunded DSRF, and significant reduction of financing costs.

Over the past 4 years, Astris Finance has raised over 4 bn € of project finance debt and executed 15 large scale M&A transactions for a total enterprise value of c.8 bn € in the European renewable energy space.

August 2020 - Astris advises TSE on the financing of a 95 MWp greenfield solar PV portfolio and on the subsequent sale of a majority stake in this portfolio.

August 2020 - Astris Finance is pleased to announce the closing of the Aton transaction, consisting in (i) the raising of a €60m financing for a 95 MWp greenfield solar PV portfolio located in France (the “Portfolio”) and (ii) the subsequent sale of a majority stake in the Portfolio.

Astris Finance acted as exclusive financial advisor to TSE, a French renewable energy developer (the “Sponsor”).

The projects of the Portfolio benefit from a 20-year contract for difference (CfD) awarded through CRE tender processes, with competitive tariff levels.

Astris conducted the debt and equity processes in parallel: we designed a carefully crafted financing structure and worked with La Banque Postale and BPI as Mandated Lead Arrangers; at the same time, we conducted a wide, competitive sale process, which led to the selection of a fund managed by Crédit Mutuel Capital Privé as financial investor. Both processes took place in the context of the unfolding COVID crisis and reached successful closing within a very short time frame.

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.

May 2020 – Astris Finance advises KKR on the sale of their 33.33% stake in Acciona Energia Internacional

Astris is pleased to announce the signing of the Alexandra transaction, consisting in the sale of the 33.33% stake held by investment funds managed by KKR in Acciona Energía Internacional (“AEI”).

AEI was established in 2014 and is a partnership between KKR and Acciona. It holds a portfolio of 52 onshore wind and solar assets in operation with a net installed capacity of 2.3 GW. The projects are spread over 11 countries and operate under a broad range of remuneration regimes.

The highly competitive process launched in 2019 resulted in the selection of AXA Investment Managers - Real Assets (“AXA IM - Real Assets”) and Acciona S.A. (“Acciona”) to acquire KKR’s participation in AEI. Under the terms of the agreement reached on April 10, 2020, AXA IM - Real Assets will acquire 20% of AEI while Acciona will buy the remaining 13.33%, increasing its stake from 66.67% to 80%.

Astris acted as co-financial advisor to KKR with Credit Suisse and Lazard. Astris was notably in charge of valuation, modeling and due diligence coordination.

This demanding transaction involved different teams across Astris’ offices in Europe, Asia and the Americas working seamlessly on the complex valuation exercise given the structure of the AEI portfolio, including its broad geographical diversification, technology mix, and multi-currency cash flows.

Closing of the transaction is expected to take place in December 2020 after completing regulatory approvals.

Tara Davies, Head of European Infrastructure at KKR, commented: “We chose Astris to advise us on this transaction due to their technical expertise, in-depth knowledge of the global renewable energy markets and their trusted advice.  We would like to thank Astris for their help and guidance.”

This is the fifth renewable energy transaction announced by Astris Finance in Europe in the past three months – and the third since the start of the Covid-19 outbreak in March, demonstrating the firm’s ability to find creative and insightful solutions for its clients under challenging circumstances.

Source photos: Acciona

May 2020 – Astris Advises Hanau Investissement on the refinancing of a 24MWp solar PV portfolio

Astris Finance is pleased to announce the closing by Hanau Investissement of the refinancing of a 24MWp fully operational solar PV portfolio located in France.

The PV assets composing the portfolio had been initially financed through separate project finance facilities. 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 transaction was closed in a short time-frame despite an economic and working environment deeply troubled by the Covid crisis. BPI and Natixis Energeco acted as Mandated Lead Arrangers.

Astris Finance acted as the exclusive financial advisor to Hanau Investissements in the structuring and raising of the € 50m facility.

April 2020 – Astris Congratulates Acofi on the Sale of two French Renewable Energy Portfolios totaling 126 MW

Astris Finance is pleased to announce the successful sale by Acofi Gestion, on behalf of its fund Transition Energétique France, to EOS Holding and Groupe Romande Energie, through its subsidiary Romande Energie France, of two portfolios of renewable energy projects located in France.

The first portfolio is comprised of 4 ground-mounted PV projects of 12 MW each, located in the South West part of France. The second portfolio, with a total capacity of 78 MW is comprised of 3 onshore wind projects totaling 37MW and of ground-mounted PV and BIPV projects totaling 41MW.

Projects entered commercial operation between 2012 and 2017 and benefit from 20-year and 15-year Feed-in Tariffs, respectively for PV projects and Onshore Wind projects, with EDF.

Astris served as exclusive financial advisor to Acofi Gestion and managed the competitive process. The transaction was closed on March 31st, 2020 despite the challenging context.

April 2020 - Astris Finance advises Tenergie in raising 90 m€ through an equity partnership with La Banque des Territoires.

Astris Finance is pleased to announce the closing of the Griffin transaction, a 90 m€ share capital increase in Terres d’Energie, an investment vehicle jointly owned by Tenergie Group and Credit Agricole Pyrénées Gascogne, fully subscribed by La Banque des Territoires. Astris Finance acted as exclusive financial advisor to the sponsors on this transaction.

As of today, Terres d’Energies consolidates over 851 solar PV and wind assets in operation representing c.490 MW of installed capacity. Terres d’Energies is the largest vehicle of French brownfield solar PV assets in operation.
 
Astris is proud to have advised Tenergie Group and Credit Agricole Pyrénées Gascogne on this landmark transaction, which concludes a sequence initiated with the raising of the largest solar refinancing to date in France in July 2019, the Phoenix V transaction, and followed by the structuring of a up to 90 m€ holdco financing brought by Blackrock in December 2019.
 
Over the past 4 years, Astris Finance has raised over 4 bn € of project finance debt and executed 12 large scale M&A transactions for a total enterprise value of c.7 bn € in the European renewable energy space.

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 - Astris advises Tenergie on 225 m€ Portfolio Refinancing

Astris Finance is pleased to announce the closing by independent solar power producer Tenergie of the refinancing of a fully operational solar PV portfolio located in France, for a total debt amount of 225 m€.

The refinancing followed the acquisition by Tenergie in August of a portfolio of 2 SPVs with a total installed capacity of 72 MW.

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

Astris Finance acted as the exclusive financial advisor to Tenergie which is one of the largest French Solar IPP with more than 500 MW of solar projects in operation in France.

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