solar panel close up with sun

WFW advises Acofi Gestion on the refinancing of portfolio of 154 solar installations

2 August 2016


International law firm Watson Farley & Williams (“WFW “) has advised Acofi Gestion, an asset management company, in respect of the refinancing, by its fund Predirec EnR 2030, of a portfolio of 154 solar installations located across the South of France, which had been developed by Fonroche Investissements and together have a combined output capacity of 82 MW.

This was the second operation carried out by Predirec EnR 2030, a euro bond fund dedicated to renewable energy infrastructure investment and operated by Acofi Gestion. This fund was awarded the “Energy and Ecological transition for the climate” (Transition Energétique et Ecologique pour le Climat (TEEC)) label and is intended to meet the needs of players in the wind and solar energy sectors for periods ranging from five to fifteen years and already has €45m at its disposal.

This bond issue which is divided into two tranches of €15m and €10m is redeemable over six years and will allow the Fonroche Group, which is a leading solar panel manufacturer, to refinance part of its equity while simultaneously continuing to develop new solar projects both in France and abroad. The first tranche of €15m has been issued and subscribed to in June 2016, and the second tranche worth €10m should be taken up by the end of this year.

WFW assisted Acofi Gestion throughout all the stages of the bond debt structuring, in particular in respect of the negotiation and drafting of the bond debt documents.

The WFW team was led by finance partner Laurence Martinez-Bellet assisted by associates Lamia Benzine and Olivier Challine.