August 2021 - Astris Finance is pleased to announce the closing of the partnership between Grupotec and Glennmont to develop a 473MW solar photovoltaic (PV) portfolio in Central and Southern Spain.
The transaction, one of the largest of its kind this year, was agreed in August 2021 with the Spanish developer and EPC contractor Grupotec.
Grupotec will continue to partner with Glennmont on the construction and operations side, leveraging on Glennmont's track record in building over 1GW of solar power in the last 14 years including 650MW in Spain. The projects will be built using Tier-1 solar technology partners.
The 473MW portfolio marks the latest milestone for Glennmont's Clean Energy Fund III following the launch of BNZ, Glennmont's new independent power producer (IPP). BNZ plans to deploy 1GW of solar PV across Southern Europe bringing Glennmont's total development pipeline of solar PV to over 1.5GW.
Astris acted as co-financial advisor to Grupotec.
August 2021 - Astris Finance congratulates its client Copenhagen Infrastructure Partners (CIP) New Market Fund I for the successful closing of “Project Batavia” in Indonesia
CIP New Market Fund I has entered into a joint venture with the Indonesian affiliate of French Akuo Energy to develop, build and operate an initial 400MW pipeline of onshore wind, solar and run-of-the-river hydro projects in Indonesia.
Niels Holst, Partner and Head of CI NMF commented: “We are delighted to take this first important step together with Akuo who we see as a great partner, and are grateful for the important role Astris played in helping us close this partnership. Indonesia is a market with relatively limited renewable energy penetration, but very significant potential, and is therefore a key focus market for CI NMF. We look forward to delivering best of class, large scale and cost competitive renewable energy to Indonesia.”
CIP’s first investment in the Indonesia renewable energy market comes in anticipation of the publication of a revised national electricity supply plan (known as RUPTL, its Indonesian acronym) for 2021-2030. The plan is expected to increase the proportion of renewable power to 30% of electricity generation in 2030.
Astris Finance acted as exclusive financial advisor to CIP during the privately-negotiated M&A process and involved Astris teams in Singapore, Jakarta, HCMC and Paris.
”We are very pleased we advised CIP NMF I in connection with the structuring and equity financing of this ambitious JV, a rare transaction of scale in the Indonesian renewables sector. We share CIP’s vision for a greener energy sector in the largest consumer market in South East Asia. We wish the new partnership a bright and successful future in Indonesia”, said Hugo Virag, Head of Astris Finance’s operations for South-East Asia.
August 2021 – Astris Finance advises its client TSE for the closing of a strategic partnership with La Banque des Territoires and Siloe
Astris Finance congratulates its client TSE, one of the leading French solar energy developers, for the closing of the Aphaia Transaction, which consisted in designing and establishing a strategic partnership in order to finance the growth of a 1 GW+ ground-mounted solar PV platform located in France.
The transaction, which has closed in August 2021, took the form of a minority investment made by la Banque des Territoires (Caisse des Dépôts) and Siloe (Credit Mutuel Equity Infrastructure Fund) in the platform owning the solar assets.
The partnership consolidates TSE’s ambitious development in the French and European markets.
Astris acted as exclusive financial advisor to TSE.
July 2021 - Astris congratulates its client Uriel Renovables for the successful closing of the project "Ventus Part II" in Poland
July 2021 – Astris Finance is pleased to announce the c. € 25m debt closing for the 20.7MW Debnica Kaszubska windfarm project in Poland.
With 6 Vestas V126, 3.45 MW turbines and a total installed capacity of 20.7MW, the Debnica Kaszubska wind farm project (the “Project”) is the second wind farm fully developed by Uriel Renovables (“Uriel”), a company dedicated to the development, construction and operation of renewable energy projects in Europe and Latin America. The senior debt facilities were provided by commercial bank DNB and export credit agency EKF.
The Project has secured a 15-year Contract for Difference (CfD) through the 2019 renewable auction organized by Poland’s Energy Regulatory Office and it is expected to start production in Q1 2022. The Project also benefits from a short-term PPA with Axpo for part of its merchant production during the first 3 years of operations.
Astris acted as exclusive advisor to Uriel on the senior debt raising. Astris’s involvement with Uriel in Poland began with the renewable auctions of 2018 and 2019, when Astris advised Uriel on the design of a winning auction strategy. Since 2018, Astris has developed a significant expertise in the Polish renewable energy sector and has secured more than five financing and M&A mandates.
July 2021 – Astris Finance congratulates its client, the Paris-based private equity investor Omnes, for the refinancing and subsequent divestment of a 80 MW wind and solar portfolio in France.
The portfolio consists of five wind farms with an aggregate installed capacity of 58MW and two photovoltaic power plants with an aggregate installed capacity of 22MW. The seven assets are in operation and benefit from the French incentive tariff system.
FPCI Capenergie 3, a fund managed by Omnes Capital and the original owner of the portfolio, sold a 100% interest in the portfolio to Italian renewable group ERG. Shortly before the sale, Omnes had implemented a portfolio refinancing, raising more than 100m of senior debt from La Banque Postale and Crédit Agricole Unifergie.
Astris acted as exclusive advisor to Omnes on both the senior debt refinancing and the equity divestment.
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.
June 2021 – Astris congratulates its client Celeo on the successful closing of the Aries Solar Termoelectrica (ASTE) refinancing transaction.
Astris Finance is pleased to announce the closing by Celeo of the refinancing of two brownfield concentrated solar power plants (“CSP”) with a total combined capacity of 99.8MW in Spain. The plants have been operational for over 8 years. Celeo (owned by Spanish contractor Elecnor and Dutch pension fund APG) is a fully integrated investment and asset management platform focused on solar photovoltaic (201 MW), CSP plants (150 MW) and transmission lines (5,776 km) in three core regions (Spain, Brazil and Chile).
The transaction included the refinancing of the two CSP plants for a total senior debt amount of circa €350m in two term loan facilities: MEAG provided the institutional tranche and Banco Santander, BBVA, CACIB, ING and Bankinter acting as Mandated Lead Arrangers provided the commercial bank tranche.
Astris Finance and Banco Santander acted jointly as financial advisors to Celeo.
May 2021 – Astris Finance is pleased to announce the successful refinancing of a 342 MW portfolio of 10 Spanish wind farms owned by Mirova, Engie and Forestalia.
The transaction consisted in the refinancing of the bridge loan provided by commercial banks to fund the construction of the wind projects. Once the projects reached COD, the Sponsors decided to refinance the bridge loan with a long-term, non-recourse senior debt financing, provided by 5 commercial institutions. The wind farms have a 10-year PPA with Engie for the majority of their production.
Abanca Corporación Bancaria, Banco Sabadell, Bankinter, Société Générale sucursal en España and Unicredit Bank provided the c. 211 m€ financing facilities, comprising a senior debt term facility, a senior debt reserve facility and the required decommissioning and PPA L/Cs.
Astris Finance acted as exclusive financial advisor to Mirova, Engie and Forestalia.
May 2021 - Astris congratulates UNITe for the successful closing of the Springs&Falls transaction
Astris Finance is pleased to announce the successful refinancing of a renewable portfolio in France, owned by French IPP UNITe.
The transaction consisted in the refinancing of a portfolio of French renewable assets, including three windfarms providing 23 MW of power and 27 hydro-electric assets producing 33 MW. Each asset has a PPA contract with EDF for all or part of its production. The projects are expected to produce 180 GWh of green energy, which is equivalent to the annual consumption of 38,000 households.
BPI France and Société Générale provided the EUR 68m senior financing facilities. This transaction enabled UNITe to refinance 32 loans provided by 9 different lenders, a leasing for one of the hydro assets and a EuroPP debt at Sponsor level. In addition, 10 swaps were unwound concurrently for the anticipated repayment of the existing debt.
Astris Finance acted as exclusive financial advisor to UNITe.
May 2021 – Astris congratulates Hexagon and TTR for the closing of the financing of Sud Marne, France’s largest onshore wind project (122 MW).
May 2021 – Astris congratulates Hexagon and TTR for the closing of the financing of Sud Marne, France’s largest onshore wind project (122 MW).
Hexagon Renewable Energy SA, an independent power producer incorporated in December 2020, managed by TTR and owned by a consortium of investors – Crédit Mutuel Capital Privé, la Banque des Territoires, Amundi Transition Energétique, Generali Global Infrastructure, Mirova and TTR – announces the closing of the financing of the Sud Marne project located in Eastern France. Wholly owned by Hexagon, the Sud Marne Project will be the France’s largest onshore wind project (122 MW).
The project has raised no-recourse senior debt arranged and subscribed by BPCE Group (BPCE Energeco and Caisse d’Épargne et de Prévoyance Grand Est Europe) and La Banque Postale, as well as a VAT revolving facility provided by BPCE Energeco. La Banque Postale and Natixis also acted as hedging banks.
Energy sale is secured for 20 years through the award in 2019 of a contract for difference with EDF-OA through its participation in the 2017/S 083-161885 request for proposal. The electricity production of the Sud Marne project is equivalent to the annual consumption of 151,200 households and will avoid the production of 118,000 tCO2 per year.
Energy production is planned to start in January 2023. The project consists of 30 4MW and 4.2MW turbines supplied by Vestas. Construction works have begun in May 2021.
Astris Finance acted as exclusive financial advisor to Hexagon and TTR in the structuring and closing of the transaction.
March 2021 - Astris Finance opens German office in Hamburg to cover Europe’s largest renewable energy market
Hamburg, Germany - March 1, 2021. Astris Finance opens German office in Hamburg to cover Europe’s largest renewable energy market.
Astris Finance, the leading independent financial advisory firm specialized in infrastructure and energy, announces the opening of its German office out of Hamburg. The German renewable market is the deepest renewables market in Europe, with a current installed capacity in excess of 110 GW and a target capacity of 200 GW by year 2030.
Over the past 5 years, Astris has been increasingly active in Western Europe through its Paris and Madrid hubs. In the renewable sector, Astris has managed more than 70 transactions, both in the debt financing space where the firm has raised in excess of € 5 bn of senior debt, and in the M&A space where the firm has managed 35 processes in France, Spain, Portugal, Poland, Italy and Germany.
The effort will be led by Arnaud Germain, head of France and Germany, and Theoharis Saroglou, the newly appointed director of our Hamburg office. Theoharis joins Astris from PwC where he spent ~8 years in the infrastructure and renewable energy practice. Prior to this, he spent 7 years with the project finance teams of HSH Nordbank, WestLB and NordLB. Theoharis comes with extensive experience in German renewables and infrastructure, where he has executed transactions representing over € 5bn in cumulative investment.
Fabrice Henry, CEO of Astris, explains: “We are very excited to launch our German office with an experienced team on the ground in Hamburg. We believe the German renewable market is at a crossroads. On one hand, older projects have started exiting the guaranteed revenue regime established by the Renewable Energy Act (EEG) of 2000 – to the tune of 3 to 5 GW per year. These projects will need to craft new revenue schemes, by participating in renewable auctions following a repowering, sourcing a corporate PPA, or simply selling in the spot market. On the other hand, the massive investment program ahead – with a target in excess of 10 GW per year until 2030 – is likely to create a need for capital structure optimization and asset rotation for German developers; it will also require the injection of fresh liquidity by new investors at a competitive cost. In this dynamic market context, we hope to use our deep experience in renewable markets globally to help create value for our clients – developers and investors alike.”
Astris is currently acting as sell side advisor to a Tier-1 German asset manager in connection with a portfolio of operating wind assets in Germany.
February 2021 - Astris congratulates its client DIF for the successful closing of the project "Winch-P" in Italy
February 2021 – Astris is pleased to announce the sale of a 10 MW solar brownfield portfolio owned by DIF and located in southern Italy.
The portfolio comprises 10 operational ground-mounted solar assets, 100% owned by the Ampere Equity Fund, which is managed by DIF Capital Partners (DIF), an independent infrastructure fund manager. The installed capacity of the assets ranges from 888 kWp to 999 kWp, resulting in a total installed capacity of 9.7 MWp. All assets were commissioned in 2011, providing more than 9 years of operational track record, and benefit from feed-in-tariff contracts with Gestore dei Servizi Energetici. They are remunerated under the Quarto Conto Energia incentive scheme and the contracts provide fixed, non-indexed prices covering the entire production capacity.
The portfolio has been acquired by Tages Capital SGR, an asset management company, specialized in renewable energy infrastructure and part of the Tages Group.
Astris served as financial advisor to DIF alongside ValeCap. Astris has a long-standing relationship with DIF, for which it has acted as exclusive advisor on several other M&A transactions and a senior debt portfolio refinancing over the last couple of years.
December 2020 - Astris congratulates its client Uriel Renovables for the successful closing of the project "Ventus" in Poland
December 2020 – Astris Finance is pleased to announce the debt and equity closing of the 145MW, €173 m Bialy Bor windfarm project in Poland.
With 42 Vestas V126, 3.45 MW turbines and a total installed capacity of 145MW, the Bialy Bor wind farm project (the “Project”) will be one of Poland’s largest onshore wind farms and will provide clean energy to over 100,000 households. It is expected to start production in Q1 2022. The Project has secured a 15-year Contract for Difference (CfD) through the 2019 renewable auction organized by Poland’s Energy Regulatory Office.
The Project was developed by Spanish developer Uriel Renovables ("Uriel"), a company dedicated to the development, construction and operation of renewable energy projects in Europe and Latin America. The senior debt facilities were provided by commercial bank DNB and export credit agency EKF. Shortly before financial close, a fund advised by Mirova, a French asset manager dedicated to sustainable investing (including investing in energy transition infrastructure) and an affiliate of Natixis Investment Managers, acquired a majority stake in the Project from Uriel. These transactions are a testimony to the growing interest from leading European players in the rapidly developing Polish renewable energy market.
Astris acted as exclusive advisor to Uriel on both the senior debt financing and the equity divestment. Astris’s involvement with Uriel in Poland began with the renewable auctions of 2018 and 2019, when Astris advised Uriel on the design of a winning auction strategy. Since 2018, Astris has developed a significant expertise in the Polish renewable energy sector and has secured five financing and M&A mandates.
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.
December 2020 – Astris congratulates its client Urbasolar for the closing of the largest solar PV greenfield financing of the year in France.
December 2020 - We are very pleased to announce the financial closing of project Atlas, in which Astris advised Urbasolar in connection with the financing of 40 solar assets in France, totaling an installed capacity of c. 260 MW.
This portfolio of 40 assets is composed of a mix of ground-mounted, shade house, rooftop and floating structures. Each asset will enter into a 20-year CfD or FiT contract with EDF OA and will benefit from a price bonus due to the involvement of crowdfunding investors.
BPI France, CEPAC and La Banque Postale provided the 250 M€ senior financing facilities.
Most of these projects were developed in partnership with French local authorities and private stakeholders who are very sensitive to the impact of renewable energies on climate transition. The projects are expected to produce 310 GWh of green energy, i.e. the equivalent of the annual consumption of 66.000 households.
Astris acted as exclusive financial advisor to Urbasolar on this transaction.
Since the beginning of the year, Astris Finance has been advising on greenfield renewable projects in Europe for an aggregate project finance debt of c. 1 bn€ and a total new solar, wind or hydro assets of over one hundred.
November 2020 - Astris Finance advises Sonnedix in setting up a strategic partnership with Amundi.
November 2020 - Astris Finance congratulates its client Sonnedix, the global independent solar power producer (IPP) for the signing of the Solen Transaction, which consisted in designing and creating a long-term partnership with Amundi, a leading European asset manager (the “Partnership”). The Partnership has taken the form of a joint venture managed by Amundi Energies Vertes (AEV), a renewable infrastructure investment vehicle designed for retail investors, for the purpose of investing in the European solar PV market.
The initial transaction, expected to close before the end of 2020, consists of a minority investment by AEV in a mix of operating assets across several European countries and will give AEV further access to new growth investments within this region, along with Sonnedix, a key player in the European solar PV market, with an asset base exceeding 900 MW.
The agreement consolidates Sonnedix’s position and rapid growth across European markets where it started operations in 2009 and allows Amundi to get systematic access to low risk, renewable energy projects in the context of the launch of their green infrastructure product for retail customers.
Axel Thiemann, CEO of Sonnedix, said: “Our partnership with AEV not only highlights our long-term commitment to our European markets, but also to the solar power industry as a whole, demonstrating our active role in pushing the energy transition forward. We are grateful to Astris for bringing this transaction to us and helping seal this important partnership with Amundi.”
Arnaud Germain, head of France at Astris, said: “This project is a great achievement for our client. We are happy we played an instrumental role in the design and implementation of this partnership. This is the fifth European transaction arranged by Astris for Sonnedix in as many years.”
Fabrice Henry, CEO of Astris Finance, added: “We knew Sonnedix could use competitive long-term capital to fuel their European growth, and we knew Amundi was looking for a reliable channel to originate a steady flow of de-risked European renewable assets for their retail investors. This is a great match, a clear win-win situation.”
Astris acted as exclusive financial advisor to Sonnedix.
Over the past 4 years, Astris Finance has raised over 4.5 bn € of project finance debt and executed 17 large scale M&A transactions for a total enterprise value of c.9 bn € in the European renewable energy space.
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.