The French independent power producer (IPP) REDEN Solar has refinanced the bulk of its domestic assets raising €270 million (US$312 million) in the process.
The company said a total of 92 loans with 17 banks and covering 150 projects had been consolidated.
“This cash surplus will be almost entirely dedicated to financing the acceleration of the Group's growth, in particular through the purchase of plants and projects in France, Portugal and Chile,” said Vincent Wattignier, CFO, REDEN Solar.
"The quality of our historical assets and the confidence of our banking partners have enabled us to complete this transaction which not only greatly simplifies the debt structure and improves financial conditions, but also allows us to generate significant additional cash flow,” added Wattignier.
REDEN Solar was advised by Astris Finance and Linklaters.
May 26 - May 27, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.