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Green Giraffe advises Valeco and Mirova for a framework financing of 9 wind farms and PV plants in France for a cumulated capacity of 180 MW
On Wednesday 3 October 2018 Valeco and Mirova signed the financing of the Cambon 30MW wind farm in France, the 7th out of 9 financings of the EUR 280 M Masai framework, for a cumulated 180 MW capacity. The so-called Masai framework was originally signed in November 2016 with CEPAC, Auxifip and Crédit Agricole Languedoc agency, and benefits from a participation of the European Investment Bank. For Cambon the lenders are providing EUR 34M of senior debt and EUR 7 M of VAT loan.
Cambon is one of the first financings of a renewable energy plant under the recently passed contract-for-difference legislation in France. The borrower has signed a road to market agreement, and the financial structure was adjusted to take account of the new risk structure involved by this regulation, notably an assessment of the number of hours where electricity price are expected to be negative.
The first two batches were composed of a PV plant and five wind farms for a cumulated capacity of 114 MW and closed respectively in December 2016 and July 2017 for a total of circa EUR 130 M long term debt and EUR 23 M VAT debt commitment.
The lenders were advised by Linklaters LLP (legal), Everoze (technical), IHS and Baringa (merchant), Gras Savoye (insurance), Deloitte (tax), while the sponsors are advised by DLA Piper France LLP (legal), Noveo Finance (hedge), 3E and Wood (technical).