REDEN Solar, a leading solar IPP from France, announced that it successfully completed the refinancing of its Portuguese and Spanish assets, raising a total of € 100.5m in the process.
This transaction takes the form of a 14-year non-recourse financing arranged by Natixis S.A. Sucursal en España. It restructures 13 historic loans contracted with 5 banks and involves around fifty photovoltaic power plants in operation in Portugal and Spain.
Thierry Carcel, President of the REDEN Solar Group, said: “This refinancing operation was largely facilitated by the international reach of the Natixis Group, which enabled them to coordinate teams in 3 different countries and deal with the broad scope and complexity of the operation. This refinancing not only greatly simplifies the debt structure of our assets, but also improves our economic conditions, and allows us to generate a significant cash surplus. This, in turn, will enable us to continue to invest in the development and acquisition of new plants in the Iberian Peninsula, in Latin America, as well as in France, where we remain very active “.
“We are very satisfied because completing an operation of this size and complexity proves that the market fully recognizes the excellent future prospects of the REDEN Solar Group, as well as its position as a major player abroad”, added Gabriel Gauthier and Renaud Haberkorn, respectively Investment Director at INFRAVIA CAPITAL PARTNERS and Managing Partner of EURAZEO PATRIMOINE.
For this operation, REDEN Solar was advised and assisted by the Paris, Lisbon and Madrid teams of the Cuatrecasas firm.
About REDEN Solar
A family group created in 2008 in the heart of the Lot-et-Garonne region (47), strengthened by Eurazeo’s 39% stake in the company between 2010 and 2012, REDEN SOLAR has experienced strong growth in France and abroad. International, thanks to the professionalism of its teams and the perfect mastery of each stage of project development. In February 2017, Infravia (53%) and Eurazeo Patrimoine (47%) took over all the solar activities of Fonroche after the division of the group. This partnership of professional investors has reaffirmed the group’s ambition to develop in the high-potential solar photovoltaic market both in France and internationally. http://reden.solar