La Banque Postale and Caisse d’Epargne CEPAC, as lenders, arranged on behalf of PHOTOSOL, one of the leaders in the photovoltaic market in France, a long-term bank financing of 108.5 million euros for the construction of 9 photovoltaic plants both on the ground and in the form of parking shelters, for a total capacity of 112 MWp.
Designed and built by PHOTOSOL, these solar installations will progressively come into operation between 2020 and 2021. With a power ranging between 2.3 MWp and 24 MWp, the plants are based in France, in the Haut-Rhin, Drôme, Loir-et-Cher, Allier and Alpes-Maritimes regions. The projects, winners of the CRE4 Tenders, expect an average global price, over the next 20 years, of 63 c€/MWh for the electricity they will sell, as part of the supplementary remuneration scheme. They will produce 155 GWh of green electricity each year, covering the annual needs of around 60,000 people (excluding heating), i.e. the equivalent of the city of Troyes. PHOTOSOL will monitor the construction of all the projects and then will ensure the exploitation and maintenance of the photovoltaic plants, as well as their operational management.
De Gaulle Fleurance & Associés (Jonathan Souffir, Claire Haas, Yoann Usseglio, Adrien Serf, Vahan Guevorkian) advised the lenders, the Banque Postale and the Caisse d’Epargne CEPAC.
A brief note from the main actors of the project:
“Our team is very pleased for having advised the banks on the financing of this project”, explains Jonathan Souffir, partner at De Gaulle Fleurance & Associés. “Our firm has been assisting companies in all their transformations for 20 years and we are particularly proud to have been able to participate in this project, which makes a full contribution to the energy transition”.
“We are delighted with the implementation of this new financing operation, part of a portfolio of large-scale projects. It reflects PHOTOSOL’s ability to continue to play an active and leading role in the development of solar energy in France. We would like to thank our banking partners and our advisors who have managed to successfully complete this transaction in a turbulent market environment; showing once again the resilience of the renewable energy assets and the relevance of PHOTOSOL’s business model as a developer and operator of solar power plants on its own account” said Benoît Farines, Deputy Chief Executive Officer of PHOTOSOL.
“All the teams at La Banque Postale are pleased with the successful completion of a new deal together with PHOTOSOL, one of the leaders in the photovoltaic market in France; a significant operation for the group, which is in line with its investment strategy towards the ecological transition”, said Yannick Chaffaud, Director of Renewable Energy Financing at La Banque Postale’s Corporate and Investment Banking division.
“We are proud to accompany PHOTOSOL in this operation and to play an active role in financing their investments. This financing is, of course, the first step in a partnership that we want to build on over the long term, as the Caisse d’Epargne CEPAC has made the energy transition in its territories one of its main priorities,” said Amaury Schoenauer, Director of Structured Finance at the Caisse d’Epargne CEPAC.
Advisors for the operation:
– Arrangers & Lenders: CEPAC (Arnaud Bardy), La Banque Postale (Yannick Chaffaud, Nicolas Villoutreix, Mélanie Lambin-Gobert)
– Financial Advisor to the Borrower: ASTRIS Finance (Arnaud Germain, Florent Nicol, Omar Lahlou)
– Legal: De Gaulle Fleurance & Associés (Jonathan Souffir, Claire Haas, Yoann Usseglio, Adrien Serf, Vahan Guevorkian) and CMS (Céline Cloche-Dubois, Clotilde Laborde, Romain Marsella)
– Technique: RINA CONSULTING (Marie-Anne Hatte, William Delabre, Fabrice Aymat)
– Insurance: ECA Assurances (Noel Denis)
– PHOTOSOL (Benoît Farines, Christian Kabore, Quentin Vrignaud)
– Hedging bank: Natixis (Giacomoni Sébastien, Jaqueline Pung and Dorra Chelli) La Banque Postale (Karine Toubiana-Senbel, Frederic de St-Leger, Pierre delamare-de-chenevarin, Nathalie Senta-Blanchet)
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