French independent power producer (IPP) Apex Energies has secured €350 million (US$364 million) in senior debt financing to develop a solar PV portfolio of more than 400MW.
More than half of the portfolio (250MW) is at an advanced stage of development or in construction.
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The portfolio will consist of around 1,100 ground-mounted, rooftop and carport projects built across France, which are expected to be completed by 2027.
Funding was secured with French banking institution Caisse d’épargne Ile-de-France as a senior mandated lead arranger (MLA), along with other partners such as Crédit Agricole Transitions & Energies as MLA, among others.
This latest round of funding is the company’s largest so far and the third of more than €100 million in the last three years.
Paul-Emile Chauvin, financing director at Apex Energies, said the financing will give the company the necessary means to reach its ambitions. With this funding, the French IPP will advance towards its target of installing 1GW of solar PV by 2030. Currently the company has nearly 28MW of solar capacity operational in France.
Apex Energies develops, finances, builds and operates ground-mounted and rooftop solar power plants across France, either to be sold to the grid or for self-consumption. The French IPP was acquired by investment bank Macquarie Asset Management in 2022, through one of its managing funds.
