French independent power producer (IPP) TSE has secured €65 million (US$68 million) bond financing from asset management firm Eiffel Investment Group for an 800MW agrivoltaics (agriPV) portfolio.
The bond debt financing will accelerate the construction of TSE’s 800MW agriPV portfolio in France and help it reach its target of having more than 1GW of assets under construction and in operation by 2027.
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This bond funding follows a previous equity raise from TSE in 2023 when it raised €130 million from investment firms Eurazeo, Crédit Agricole and Bpifrance.
Pierre-Antoine Machelon, Head of Energy Transition Infrastructure Funds at Eiffel Investment Group, said: “We are very pleased to establish this first financing for TSE, supporting the development of agrivoltaics that is both efficient and respectful of local communities and the agricultural sector.”
France is among several countries that have recently established a legal framework. Last year, agriPV was formally defined in the Law for the Acceleration of Renewables as an installation directly contributing to agricultural activities (Premium access).
Across Europe, the interest in agriPV keeps growing. A report from think tank Ember on agriPV in four Central European countries—Czechia, Hungary, Poland and Slovakia—forecast a potential deployment of 180GW for the technology, while more recently Italy held its first tender on agriPV. In total the tender awarded 1.5GW of agriPV capacity across 540 projects. Most of the capacity awarded (over 1.3GW) was for projects with a capacity of more than 1MW.
