ZE Energy, a France-based solar and energy storage project developer, closed an assetco financing to construct a 77 MWp solar project coupled with a 14.8 MW/33.5 MWh lithium-ion battery storage project. Sienna Investment Managers, a European asset manager firm, will provide the funding under its Predirec ENR 2 fund. The utility-scale hybrid project is located in Vert, Landes, France.
BCLP served as the legal advisor to ZE Energy for the transaction. The project is currently under construction and is scheduled for commercial operation in early 2025.
Mathieu Lassagne, CEO at ZE Energy, commented, “The financing of the construction of this new solar-plus-storage hybrid project marks a new milestone in ZE Energy’s development and demonstrates the attractiveness of its model, particularly to leading financial players. The deployment of electricity storage solutions, recognized as the way of the future, is going to play an increasingly important role.”
Philippe Garrel, Head of Infrastructure Debt Funds at Sienna IM, commented, “We are thrilled to participate in the financing of this flagship hybrid project, a first-of-its-kind asset given its utility-scale dimension and Corporate PPA structure. This assetco financing perfectly matches our investment identity and shows our ability to deliver financing solutions on complex projects to mid-market players, with strong added value.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Last month, Clearway Energy Group, a developer and operator of clean energy projects, closed $550 million in financing to develop its Rosamond South I solar and storage project in Kern County, California. The solar portion of the project will have a total capacity of 140 MW, and the storage capacity will be 118 MW upon completion.
