December 2023 - Astris Finance congratulates its client Enfinity Global on the successful financing of a 101 MW solar portfolio in Italy

Madrid, December 2023 - We are pleased to announce the closing of a €118 million financing for the construction of 101 MW in four utility-scale solar power plants located in the region of Lazio (Italy), which are expected to become operational in 2024. Astris has advised Enfinity Global, a leader in renewable energy. The company owns a portfolio of 20 GW of renewable energy and storage projects in different stages of development.

This unique and innovative financing brings several important benefits for Enfinity Global in terms of structure, leverage, and cash flow stability. UniCredit, BayernLB, and Siemens Financial Services through Siemens Bank have acted as mandated lead arrangers for each project financing through a club deal structure. The financing will provide €77 million of non-recourse senior debt, €41 million of VAT financing, and LC facilities for PPAs and PV modules.

Astris Finance acted as exclusive financial advisor to Enfinity Global Inc. This closing is a testimony of both Astris’ premier position in renewable energy financings in Europe and its successful expansion into the Italian market.

December 2023 - Astris Advises Valorem in Setting Up a Strategic Partnership with Banque des Territoires

Paris, December 2023 - Astris Finance congratulates its client VALOREM, a leading French independent renewable energy producer, for the closing of a long-term partnership agreement with Banque des Territoires, the investment arm of State-owned Caisse des Dépôts.

The partnership consists in setting up a joint investment platform named "Calypso", owned 51% by VALOREM and 49% by Banque des Territoires. Calypso‘s initial objective is to invest in a 500 MW portfolio of solar and wind power assets in France by 2027, representing an annual production of more than 1.1 TWh – i.e., the yearly electricity consumption of c. 500,000 urban dwellers.

Arnaud Germain, co-head of Europe at Astris, said: “This project is a great achievement for our client VALOREM, completed just before year-end! We would like to thank VALOREM’s CEO Jean-Yves Grandidier and his team for their continuing trust in Astris.”

Astris acted as exclusive financial advisor to VALOREM. This landmark transaction further demonstrates Astris’s premier position in the European renewable sector, where we have closed 5 similar AssetCo transactions totaling 7 GW+ of solar and wind projects.

October 2023 - Astris congratulates its client Urbasolar, the leading French solar power producer owned by Swiss utility Axpo, for the successful closing of a c. EUR 140m greenfield debt financing

October 2023 - Astris Finance congratulates its client Urbasolar, the leading French solar power producer owned by Swiss utility Axpo, for the successful closing of a c. EUR 140m greenfield debt financing.

Project Galilée comprises a c. 170 MWp portfolio of solar assets in France, featuring either 20-year CfD contracts or 15-year CPPA contracts. All these assets are owned 100% by Urbasolar and are still under construction.
 
The signing of the financing facilities occurred in June 2023.

This transaction, on which Astris Finance acted as exclusive financial advisor, marks our fifth successful closing with Urbasolar in the past four years. Additionally, we are currently advising Urbasolar on transactions located in France, Poland, Spain, and the Dominican Republic.

September 2023 - Astris advises ICG in connection with its €400 million investment in Enfinity Global, the fast-growing global renewable energy development platform

Washington DC, September 2023. Astris advises ICG in connection with its €400 million investment in Enfinity Global, the fast-growing global renewable energy development platform.

Astris Finance congratulates its client Intermediate Capital Group (“ICG”), the global alternative asset manager, for the signing of a definitive agreement to invest in Enfinity Global, a leader in renewable energy.

This €400 million equity investment will fund Enfinity’s near-term growth and the execution of its business strategy to deliver a 17 GW global portfolio, including 7.3 GW of energy storage assets. With 1 GW of operational assets worldwide, the company is one of the fastest growing renewable energy platforms globally, and the leading renewable energy developer in Italy.

Jérôme Sousselier, Managing Director at ICG, said: “We are excited to be partnering with Enfinity, a market-leading solar energy company, with a clear vision of supporting the transition to a net zero carbon economy. And we are grateful for the instrumental role Astris and their teams in Europe, Asia and the US, played in helping us close this global partnership.”

Fabrice Henry, CEO of Astris, said: “The global context of a fast-accelerating energy transition process is very favorable to -- and is very much in need of -- high added-value, well-capitalized renewable energy development platforms like Enfinity, supported by visionary investors like ICG. We wish Enfinity and ICG the very best for the exciting road ahead.”

This transaction strengthens Astris’s position in the M&A renewable sector globally, where it is currently working on 15 live transactions.

Astris acted as exclusive financial advisor to ICG.

August 2023 - Astris congratulates Bruc on the successful closing of a EUR 600m sustainable corporate financing for its renewable platform of 8.5GW in Spain

Madrid, August 2023 - Astris Finance congratulates its client Bruc on the successful closing of a EUR 600m sustainable corporate financing for its renewable platform of 8.5GW in Spain.
 
We are very pleased to announce the signing of the transaction for which we supported Bruc, a Madrid-based renewable energy company managing solar PV and wind assets under development, construction and operation, in raising a sustainable corporate debt facility of EUR 600m to fund the construction of c. 8.5GW of solar PV and onshore wind located in several Spanish regions.
 
Santander, ING, Instituto de Credito Oficial, BNP Paribas and Intesa Sanpaolo acted as bookrunners and MLAs, and Schroders and Infranity as MLAs.
 
Because it complies with strict ESG criteria, the financing agreement has been substantiated under the formula of "sustainable corporate financing". This confirms Bruc's strong positioning in the clean energy sector -- a key aspect for OPTrust and USS to enter the company's capital in 2016 and 2021 respectively. 
 
This transaction further consolidates Astris’s positioning in Spain where it closed 7 financings adding up to EUR 1.2bn in the Energy Transition space over the last 18 months.
 
Astris Finance acted as exclusive financial advisor to Bruc.

July 2023 - Astris Congratulates its Client Banque des Territoires for the Successful Acquisition of an Equity Stake in JP Energie Environnement (« JPEE »)

Paris, July 2023 - Astris Congratulates its Client Banque des Territoires for the Successful Acquisition of an Equity Participation in JP Energie Environnement (« JPEE »)

We are pleased to announce the closing of Project Bombay, for which Astris advised Banque des Territoires, the investment arm of the State-owned banking group Caisse des Dépôts, in the acquisition of a 34% equity stake in the French company JPEE.
 
JPEE is a French IPP of wind and solar energy, who produced 680,000 MWh in 2022, the equivalent of the annual consumption of more than 300,000 households. The aim of the partnership between JPEE and Banque des Territoires is to double the installed capacity to reach 1 GW of projects in operation in 2026 and 2 GW by 2030, which will allow JPEE to supply green electricity to 1.6 million households.
 
Cédric Desmedt, Deputy Director of Energy Transition at Banque des Territoires says: "We are delighted to be a part of JPEE, a leading developer on the French market; this transaction consolidates a relationship of trust of more than 10 years, guided by strategic alignment and common values. We would also like to thank the Astris team for the instrumental role they played all along the transaction».

Astris acted as exclusive financial advisor to Banque des Territoires. This landmark transaction reinforces Astris’s premier position in the European renewable M&A sector and further strengthens our relationship with Banque des Territoires in the context of its ambitious positioning to fund the green energy transition.

June 2023 - Astris Finance congratulates its client RP Global on the successful sale of a 41 MW solar PV portfolio in Portugal

Madrid, June 2023 – We are pleased to announce the closing of Project Luso, the sale by European developer RP Global of a solar portfolio to a Portuguese-based independent fund manager active in the infrastructure and energy sector. The closing took place in June 2023.
 
RP Global is a large-scale developer with 35+ years of experience in the renewable energy sector and a strong presence in Europe.  Astris advised RP Global on the sale of a 41 MW portfolio of small-size solar PV projects known as Unidades de Pequena Produção (UPPs) in Portugal.
 
There is significant pressure to implement more installed renewable capacity in Portugal, in order to meet the European targets. This has led to an increasing number of transactions in which local developers syndicate or fully divest their stake in their development portfolio to financial or strategic investors, typically at the “Ready-to-Build" stage (RtB).
 
The Portuguese market is particularly suited to this type of partnership, given the high local hurdles that must be overcome to bring projects to RtB, especially in terms of land availability, permitting processes and grid access.
 
This transaction further enhances Astris’s strong track record in the renewable sector in Portugal, where we have been advising on four equity and financing transactions over the last 12 months.

Astris Finance acted as exclusive financial advisor to RP Global.

June 2023 - Astris advises VINCI Highways and Conconcreto on a c. USD 575 Mn financing for the Via 40 Express tollroad project in Colombia

Bogotá, June 2023 - Astris Finance (“Astris”) is pleased to announce that the Via 40 Express toll road project in Colombia reached financial close in Q2 2023: this is the second largest financing ever completed in Colombia in the toll road sector, and marks a successful milestone in our 10-year long relationship with VINCI Highways and Conconcreto in Colombia. In tightening liquidity conditions, the financing of Via 40 Express rests on an innovative cross-currency tranche which speaks to our firm’s ability to design innovative financing products for our clients’ most challenging endeavors.
 
Via 40 Express is a 142 km brownfield 4G Private Initiative toll road concession project in Colombia. The sponsors of the Project are VINCI Highways and Conconcreto (collectively, the “Sponsors”) with a participation of 75% and 25% respectively. Via 40 Express is one of the principal corridors in the country being the main road leading from Bogotá to the southwest of the country, eventually connecting with the port of Buenaventura. The project is subject to 100% traffic risk, with no availability payments and/or traffic support from the Government.

Astris has been working on the Project since the bid stage process (2016).  In February 2021 Astris closed a non-recourse Bridge Loan for Via 40 Express, and this transaction successfully refinanced the Bridge Loan and provided sufficient funding to finalize construction of the Project.

During the financing process, which dealt with challenging circumstances including the Odebrecht scandals in Colombia, the COVID-19 pandemic and the recent inflationary/interest rate environment, Astris, the Sponsors and Via 40 Express explored all possible financing options, including international capital markets under rule 144A, multilaterals, local banks, local debt funds and international commercial banks. The final financing structure included a total non-recourse financing package of COP 2,602 million (USD 575 million) split as follows:

• short term financing: COP 827 million (USD 183 million) COP denominated 5-year revolving facility with an innovative borrowing base structure to finance trapped toll road income during construction period (this facility was partially funded by international lenders using a synthetic COP structure);

• long term financing: COP 1,775 million (USD 392 million) financed with local commercial banks, FDN and local debt funds with 12, 15 and 20 years tenors respectively.

This project marks a very important closing for VINCI Highways, being its first long term transaction in Colombia and one of the biggest toll road financings in the country. Closing was completed just after VINCI Highways completed the purchase of a 25% stake in the SPV from Conconcreto and a 100% stake in the EPC. 

Astris acted as exclusive financial advisor to Via 40 Express. So far this year, Astris has reached financial close on 4 financing and M&A transactions in Colombia.

June 2023 - Astris Advises Générale du Solaire in Setting Up a Strategic Partnership with Banque des Territoires

Paris, June 2023 - Astris Finance congratulates its client Générale du Solaire (“GdS”), a leading French independent solar power producer (IPP) for the signing of a long-term partnership agreement (the “Partnership”) with Banque des Territoires, the investment arm of the State-owned banking group Caisse des Dépôts.

In its first phase, the Partnership consists of the acquisition by Banque des Territoires of a 49% stake in a platform of 83 solar assets located in France, representing a cumulative capacity of approximately 270 MWp. It will then be fed by new solar projects developed by GdS, with the objective to finance 1 GW of solar projects over the next 5 years in France, representing the annual consumption of 300,000 homes. This partnership allows GdS to strengthen its investment capacity and accelerate its development in a very dynamic sector, while maintaining its independence and act for the quick deployment of solar energy in France.

"This partnership with Banque des Territoires is an important step in the young life of Générale du Solaire and a great recognition of our development model. I would like to thank Astris Finance teams for their very valuable advice along the transaction" says Daniel Bour, GdS’ Chairman.

Arnaud Germain, co-head of Europe 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. We would like to thank Daniel Bour and his team for their trust.”

Astris acted as exclusive financial advisor to Générale du Solaire. This landmark transaction further demonstrates Astris’s premier position in the European renewable M&A sector, where we have closed 10 transactions over the last 12 months.

May 2023 - Astris Finance Congratulates Q ENERGY France for the Successful Debt Closing of EUR 96m for a 73MWp Solar PV and Wind Portfolio Located in France

Paris, May 2023 - We are pleased to announce the closing of the Falcon project in which we assisted Q ENERGY France (ex RES France), a French leading developer fully owned by the Korean conglomerate Hanwha, in the EUR 96m financing of a 73MW solar PV and wind portfolio composed of 4 projects located in France.

Three assets are benefiting from 20y CfDs with EDF and one solar PV plant has secured a 15y corporate PPA. Two projects reached COD in the course of 2022, while the two remaining assets will be commissioned by Q1 2024. Some assets of the portfolio are eligible for the emergency measures announced by the French government last summer.

The EUR 96m facilities were provided by Credit Agricole Unifergie as sole lender.

Astris Finance acted as exclusive financial advisor to Q ENERGY France in the structuring of the transaction until financial close, the whole process having been completed within a record timeframe of less than 3 months.

April 2023 - Astris Finance Congratulates its Client Third Step Energy for the closing of a €130 million Capital Raise

Paris, April 2023 - Astris Finance congratulates Third Step Energy (“TSE”), a leading independent solar energy player in France, for the closing of a €130 million capital raise which will strengthen TSE’s position as a major player in the energy transition in France through the rapid growth in the development of photovoltaic and agrivoltaic solar projects.

The €130 million capital comes from three major players in the energy transition: Eurazeo, Bpifrance and a pool of investors from the Crédit Agricole group, represented in particular by IDIA Capital Investissement and Amundi.

Mathieu Debonnet, founder and CEO of TSE stated: “I would like to thank the Astris Finance team as they’ve structured and processed the capital raise in a very efficient manner. This new capital will allow us to continue to develop according to our model based on quality, long-term local commitment and to actively contribute to the decarbonization of our economy”.

Arnaud Germain, who heads Astris Finance’s operations in France and Germany, said: “We are very happy we advised TSE on this transaction, which will be instrumental for their future development. We would like to thank Mathieu Debonnet, Pierre-Yves Lambert and Frédéric Nicolas for their trust in Astris since our first collaboration back in 2019.”

Astris acted as exclusive financial advisor to TSE. This landmark transaction reinforces Astris’s premier position in the European renewable M&A sector and further strengthens our relationship with TSE who aims at developing 10 GW of solar projects in the next 10 years.

March 2023 - Astris Finance Congratulates its Clients MER and SMEG for the EUR 60m Refinancing of a Solar Portfolio Located in France

We are pleased to announce the closing of the Herculis project in which we assisted Monaco Energies Renouvelables (“MER”), a platform owned by the Principality, and the Monegasque utility SMEG, the historical concessionaire in Monaco responsible for the distribution and supply of electricity and gas for over 130 years, in the EUR 60m refinancing of a 82 MW Solar portfolio of 12 projects located in France.

The transaction was arranged and financed by Société Générale and Unifergie, the facilities being backed by 8-12y feed-in tariffs from EDF OA and forward medium-term power purchase agreements. This innovative refinancing structure provides substantial benefits to Sponsors despite higher financing costs due to the macroeconomic context.

Astris acted as exclusive financial advisor to MER/SMEG. This transaction further strengthens Astris France’s long track record in refinancings.

March 2023 - Astris voted LatAm Financial Advisor of the Year by IJ Global and Proximo Infra

Message from Fabrice Henry, CEO

March 2023 - Astris Finance Congratulates its Client CVE for the Closing of a EUR 100m Capital Raise

Astris Finance congratulates its client CVE, a French renewable energy independent producer, for the closing of a capital raise whereby Intermediate Capital Group plc (ICG) will invest EUR 100m in CVE to finance their expansion.

This new equity injection will fund CVE's growth in areas such as biogas and agrivoltaics in France as well as solar activities in Chile and the US. More generally it will fund CVE's ambitious development plan, aiming at multiplying by four its installed solar capacity to reach 2.7 GW by 2027 and by 8 its biogas capacity to reach 1.5 TWh by 2030.

Pierre de Froidefond, founder and co-chairman of CVE stated: “Thanks to Astris’ financial advice, this operation was set up in a short time frame. It will allow us to continue our development, in a global economic context where the need for renewables is exploding”.

Arnaud Germain, who heads Astris Finance’s operations in France and Germany, said: “We want to thank CVE and more particularly Pierre de Froidefond, Hervé Lucas and Arnaud Réal del Sarte for their confidence in Astris Finance’s capacity to help them close such an important transaction for their development plan. We are very proud to have successfully advised CVE to design and setup this capital raise with a strong partner such as ICG.”
 
Astris acted as exclusive financial advisor to CVE. This landmark transaction further demonstrates Astris’s premier position in the European renewable M&A sector, where we are advising on four transactions of similar nature, that are slated to close in the next 3 months.

March 2023 - Astris advises InfraBridge on a c. USD 150 Mn financing of e-buses fleets in Colombia

Bogotá, March 2023 - Astris Finance congratulates its client InfraBridge (previously AMP Capital's global infrastructure equity) for achieving financial close regarding the concessions of Fontibón and Usme (“the Projects”).

The Projects are part of the Transmilenio transit system in Bogotá, consisting in the replacement of 401 buses used for public transportation with new electric buses and the design and construction of the support and ancillary infrastructure (warehouses, chargers, etc.) under a 15-y concession agreement. Our client, InfraBridge, acquired an 80% participation in these concessions from Italian developer Enel X; the e-buses were provided by tier-1 Chinese automotive producer BYD and are being operated by local company Transvial.

The c. USD 140 Mn dual-currency facilities were provided by BNP Paribas and IDB Invest (including a UK-SIP tranche) under the sustainable loan framework, together with c. USD 11 Mn DSRF provided by BNP Paribas as sole issuing bank.

The acquisition and financing of the Projects comes right after DigitalBridge Group acquired AMP Capital’s global infrastructure equity investment management business.

“We are particularly happy to celebrate our first successful transaction with InfraBridge for a very promising sector. It makes it even better when we participate in projects that have an instant and direct positive effect in the everyday life of Colombians.” stated Santiago Pardo, Head of Astris Finance in Colombia.

“We are delighted to have advised InfraBridge in this landmark financing in Colombia under a sustainable loan framework. This double financial close of dual-currency financing is the perfect illustration of what Astris Finance does: full commitment to structure around the challenges our clients face and creativity to work with the widest array of financing sources possible.” stated Damien Dupa, Associate Director at Astris Finance.
Astris acted as exclusive financial advisor in both stand-alone financings and assisted InfraBridge in the buy-side process. These transactions represent Astris’s first participation in the e-mobility sector and further demonstrate Astris’ premier position in the Colombian renewable energy and infrastructure advisory market, where we are currently advising on six transactions across a variety of sectors.

January 2023 - Astris Finance advises Ecopetrol S.A. in connection with the approximately 100MW IGA Solar PV project in Colombia

Bogotá, January 2023 – Astris Finance advises Ecopetrol S.A. in connection with its recently announced partnership with Total Eren to develop, finance, construct and operate an approximately 100MW Solar PV project in Colombia

Astris Finance congratulates its client Ecopetrol S.A. (“Ecopetrol”), the largest company in Colombia and one of the most important diversified energy companies in the Americas on the recently announced signing of a binding agreement to develop, finance, construct and operate the approximately 100MW IGA Solar PV project in Colombia (the “Project”) with Total Eren, a leading global renewable energy IPP.

The Project will be built in the Rubiales oil field, owned by Ecopetrol and one of the most important fields in the Colombian hydrocarbons industry, located in the municipality of Puerto Gaitán, Meta. Ecopetrol will be using the electricity generated by the Project to provide power to the Rubiales oil field under a 17-year PPA, replacing other sources of energy.

Ecopetrol selected Total Eren to develop, finance, construct and operate the IGA Project after a competitive process. Total Eren will have a 51% share in the IGA Project and Ecopetrol will own the remaining 49%. Construction is expected to begin during the first quarter of 2023, with operation of the plant scheduled to begin one year later.

Astris acted as exclusive financial advisor to Ecopetrol and assisted in the structuring of the Project as well as in the design and execution of the competitive selection process for the partner. The transaction, which was recently signed in January  2023, also represents a major investment for Total Eren in the renewable energy sector in Colombia.

“We are very pleased to have advised Ecopetrol in connection with this partnership. The transaction represents the first direct investment for Ecopetrol in the solar PV sector and is a very important step in the execution of its long-term renewable energy strategy. We congratulate both Ecopetrol and Total Eren and wish them success in their partnership”, said Santiago Pardo, Head of Astris Finance in Colombia.

This landmark transaction further demonstrates Astris’ premier position in the Colombian renewable energy and infrastructure advisory market, where we are currently advising on several transactions across a variety of sectors.

December 2022 - Astris Finance congratulates its client Altano Energy on the successful financing of a 107.6MW solar and hydro portfolio in Spain

We are pleased to announce the closing of the Nimbus financing where Astris advised Altano Energy, the renewables investment platform backed by UK firm Pioneer Point Partners, in relation to the total financing of an installed hybrid capacity of 107.6 MW, comprising 11 operating hydro plants and a solar PV plant to be operational by 2024.
 
The project revenues will benefit from a long-term PPA for the entire portfolio, taking advantage of the complementary mix of technologies and geographical diversification.
 
This unique and innovative financing brings several important benefits for Altano Energy in terms of structure, leverage and cash flow stability for the shareholder. The transaction was arranged and financed by Santander Corporate & Investment Banking, which provided the +90M€ senior financing facilities.
 
Astris Finance acted as exclusive financial advisor to Altano Energy.

December 2022 - Astris Finance Congratulates its Clients Cymi and Brookfield on the Successful Closing of two Transmission Lines in Brazil for an Aggregate Amount of c. BRL 1.7bn

December 2022 – Astris Finance is pleased to announce the successful financial close in connection with Dunas Transmissão de Energia S.A. (“Dunas”), a 408 km transmission line project located in the northeast of Brazil, and Pampa Transmissão de Energia S.A. (“Pampa”), also a transmission line project - 326 km long - located in the south of Brazil.

The financing package for Dunas totaled BRL 920m (c. USD 184m) and it is comprised of BNB and BNDES, which for the first time in the transmission line sector will share project collateral. Both sources funded their first disbursements in Q3 2022.

Pampa, on the other hand, obtained a total financing package of BRL 742m (c. USD 148m) from BNDES that provided financing through a combination of an innovative infrastructure debentures structure and a backstop facility.

Dunas is fully controlled by Cymi Construções e Participações S.A. (“Cymi”), a subsidiary of the French group Vinci S.A., while Pampa is owned both by Cymi and by Brasil Energia Fundo de Investimento em Participações Multiestratégia, a subsidiary of Brookfield Asset Management.

Astris acted as exclusive financial advisor in both projects, supporting the sponsors during the entire financing negotiation and structuring process, through first disbursement.

Astris has a long track record in the transmission sector in Brazil, where we have advised clients across M&A, bid stage, financing and refinancing transactions. In the last 5 years, Astris successfully structured and closed more than BRL 10 billion (c. USD 2 billion) in financings in the Brazilian transmission line sector alone.

December 2022 - Astris Finance Congratulates its Client JERA Co., Inc. on the Successful Acquisition of a 35.1% Stake in Gia Lai Electricity Joint Stock Company

Astris as financial advisor to JERA Co. Inc. (“JERA”), Japan’s largest power generation company, in relation to its acquisition of a 35.1% stake in Gia Lai Electricity JSC (“GEC”, HOSE:GEG), the energy development arm of prominent Vietnamese conglomerate TTC Group. JERA acquired the stake via a full buy-out of the GEC shares previously held by International Finance Corporation (“IFC”) and AVH Pte. Ltd (“AVH”), the investment vehicle of Armstrong S.E. Asia Clean Energy Fund Pte. Ltd. The transaction cleared local regulatory approvals and reached closing in December 2022. For this mandate, Astris teamed up with Viet Capital Securities JSC, Vietnam’s leading independent investment banking firm.
 
GEC’s platform consists of a mix of run-of-the-river hydro, solar, and wind assets in various stages of development and operation:

• 500+ MW operational capacity, including ca. 300 MW solar assets and ca. 150 MW wind assets; and

• 1.5+ GW of development pipeline comprised largely of utility-scale wind and solar plants, as well as rooftop solar systems.

 As Japan’s largest power generation company, JERA boasts ca. 77 GW of domestic and overseas power generation capacity (including projects under construction), responsible for approximately a third of the total nationwide power generation in Japan.
 
JERA’s corporate vision for 2035 is “to scale up its clean energy platform of renewables and low greenhouse gas thermal power, sparking sustainable development in Asia and around the world.” GEC’s portfolio is expected to contribute meaningfully to this goal and aid with JERA’s targeted expansion in Vietnam as a priority market. To this end, JERA also announced in March2022 the start of the full-scale operation of its Vietnam subsidiary, JERA Energy Vietnam Co., Ltd., to serve as its base for operations in the country.
 
In a press release regarding the transaction, JERA Asia CEO Toshiro Kudama said, “Since our investment in Phu My 2.2 in 2005, we have viewed Vietnam as an important market in ASEAN and have sought opportunities to strengthen ties between our two countries. As one of Japan’s leading energy companies, our objectives are to contribute to both economic growth and decarbonization across Asia, and this investment represents another milestone in this effort. As a shareholder in GEC, we will support GEC’s expansion of renewables in Vietnam.”
 
Hugo Virag, Co-Head of Astris Finance’s operations in Southeast Asia, said: “We thank the JERA Tokyo and JERA Singapore teams for their confidence in Astris Finance’s capacity to help JERA complete its first investment in the Vietnamese renewable energy market. We are very pleased with the outcome of this intense M&A process leading to the closing of a rare and complex acquisition by a foreign investor on the Ho Chi Minh City stock exchange. We are hopeful that this transaction has brought about a well-balanced joint-venture between JERA and the controlling shareholder TTC Group.”
 
Fabrice Henry, CEO of Astris Finance, added: “At the COP27 meeting in November 2022, Vietnam reaffirmed its ambition to be at the forefront of energy transition. Under the latest draft of the country’s energy sector development plan (known as the PDP8), the country is looking to boost its installed renewable energy capacity from [16] GW currently to [30] GW by 2030. This will require the mobilization of significant capital and the injection of cutting-edge technology, notably to accelerate offshore wind development. We expect the TTC-JERA joint venture in GEC to play an instrumental role in this plan, and to be of strong mutual benefit to the two partners.
 
This is the fourteenth M&A transaction closed by Astris in the global renewable space in the past twelve months, and the third in Southeast Asia in the past 18 months.

December 2022 - Astris advises Vauban in connection with the acquisition of a portfolio of 3 windfarms totaling 170MW located across the Nordics

Astris Finance congratulates its client Vauban Infrastructure Partners (“Vauban”), a leading European infrastructure & energy investment fund, on the acquisition of 100% of Nordic Renewable Power Holding (“NRPH AB”) from Green Investment Group.

NRPH AB is a portfolio of three windfarms located across the Nordics. The three windfarms, totaling 40 wind turbines for an aggregated capacity of c. 170MW, are fully operational and contribute to provide sustainable energy solutions to local communities and industrial players in the region.
 
The portfolio is backed by a solid contractual framework with long term operating contracts with leading players and long term offtake agreements with high creditworthiness counterparties. 

Astris acted as exclusive financial advisor, supporting Vauban from the binding offer of the transaction until first disbursement.

This landmark transaction further demonstrates Astris’ premier position in the European renewable energy advisory market, where we are currently advising across 8 different countries.