GreenYellow, a renewable energy project developer, secured €31 million (~$33.25 million) financing with Caisse d’Epargne CEPAC, acting as Mandated Arranger, and Natixis, acting as Cover Bank for the construction of 55 solar power plants totaling 32 MW in mainland France and the French overseas territories.
This financing operation, which closes on July 21, 2023, consists of 3 tranches and will enable the construction of 55 solar plants by the end of 2024, including a 2.2 MW self-consumption plant, representing 7% of the total capacity.
The financing model for this portfolio is customized to suit the unique characteristics of each project, including progressive commissioning as the portfolio progresses.
This portfolio is diverse, including four geographical regions: mainland France and overseas territories of Guadeloupe, Martinique (West Indies), and French Guiana; Two technologies: carport and rooftop solar plants; A wide range of installed capacities, from 100 kW to 11,000 kW and four types of contracts for the sale of electricity: CRE (the Energy Regulatory Commission) calls for tenders with or without market sale (“Mesure d’urgence”), Guichet Ouvert and Self-consumption.
Stanislas LEBEL, CFO of GreenYellow France, comments: ” GreenYellow is delighted to be working with CEPAC and BPCE Group on this transaction, which represents an important milestone in our long-term operator strategy. This portfolio financing also testifies to the expertise of GreenYellow France’s teams in development, financing and construction of a wide variety of projects in mainland France and the French overseas territories.”
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, the announced large-scale project funding in Q2 2023 reached $9.5 billion in 51 deals, a 79% increase QoQ compared to $5.3 billion raised in 62 deals in Q1 2023.
Matrix Renewables, the TPG Rise-backed renewable energy platform, recently secured €47 million (~$50.47 million) non-recourse financing for constructing a 50 MW solar power project in the La Rinconada municipality area in Seville province of Spain.