Octopus Energy Investments announced that it has refinanced a 17.4MW portfolio of solar assets in France. The total deal value is tabbed at US$67.3 million and is structured as a fully amortizing 14-year loan.
The new financing was provided by two banks — Bpifrance and Credit Cooperatif — who acted as the mandated lead arrangers. The portfolio is comprised of 66 rooftop solar plants located across Southern and Central France.
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Eleco Capital and Linklaters advised Octopus, while WFW, Mazars and Willis advised the lenders.
Matt Setchell, head of Octopus Energy Investments, said: “This refinancing improves returns for our investors and further establishes our presence in France – a country now poised to lead European renewable energy growth over the next 5 years. We are exploring ways to continue to participate in France’s clean energy transition.”
Edouard Brémond, Eleco Capital founder, added: “We were very pleased to advise Octopus Investments with structuring and closing this transaction. It is yet further proof that PV plants are a mature asset class, and an attractive lending opportunity for banks. We look forward to continuing to work with Octopus Investments as they expand their existing portfolio of French assets.”
