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.
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“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.