Valeco closes 180 MW financing

Valeco closes 180 MW financing

On 13 October 2016, Valeco, supported by Green Giraffe as financial advisor, signed the financing of a 180 MW wind and solar PV portfolio in France.

The total long term debt financing is approximately EUR 260 M, with mandated lead arrangers CEPAC and Auxifip/Crédit Agricole Languedoc underwriting half of it each. The financing is split in 3 batches of 3 projects. Batches will gradually reach financial close in the coming 12 months.

The comprehensive due diligence package and robust portfolio structure allowed the raise of a competitive financing, with a gearing ratio close to 90%. A complex financial structure was tailor-made for this transaction in order to adequately address the specific risk elements of this portfolio, one of them being the foreseen change in support regulation from feed-in-tariffs to contracts for difference.

49% of the portfolio was sold to Mirova just before the financing was signed.

In addition to Green Giraffe DLA Piper (legal) and Noveo Finance (hedge) advised the borrowers while Linklaters (legal), Everoze (technical), Deloitte (model audit, tax & accounting) and Baringa (merchant price) advised the lenders.