Everoze advises lenders on a +100MW wind, solar and storage portfolio refinancing

Published May 2021

Everoze was delighted to advise BPIfrance, La Banque Postale et BPCE Energeco on the technical side for the debt refinancing of a +100 MW French wind, solar and storage brownfield Akuo portfolio. This portfolio includes 5 wind farms located in mainland France and 4 solar plants with storage capacity located on Corsica and Reunion islands.

Everoze’s scope of work included energy yield, historical operation, grid, tariff, environmental constraints, technology, operation contracts (including contract renegotiation), site inspections, assessment of future nearby wind farms when relevant and financial model inputs.

David Lewis – AKUO indicates “It has been a pleasure to work with Everoze on this transaction. We really appreciated all their contributions to the technical due diligence, notably their reactivity and detailed responses to the many questions and clarifications that were asked to them”

Everoze investigated different options together with Akuo to make the best use of the operational data and make appropriate analysis choices. Close discussions with Akuo have also been key to fully understand historical availability and performance at the assets and provide comfort in the energy results obtained.

Everoze concluded the energy yield assessments by considering the uncertainties of all the different assets together as a portfolio rather than simply adding the uncertainties together for each asset. Some of the uncertainties from one asset to another have been considered as independent of one another, therefore reducing the overall uncertainty at the portfolio level. This is a key benefit in the context of a portfolio refinancing.

Matthieu Guémené –  La Banque Postale adds: “Everoze has again proven to be a thorough advisor in the context of a complex portfolio transaction, diversified in term of technologies and geographies.”

Everoze used its industry leading Due Diligence on Demand process, ensuring a robust risk assessment, smooth communication, and continuous identification of open or risk items. The work was delivered via LiveDiligence, providing earlier access to the review findings. Through the process, efficient mitigation measures were discussed and agreed between the parties, allowing the technical risk profile of the projects to reach an acceptable level.

Everoze’s work has been led by French partners Arnaud Thomé supported by a broader project team including Nicolas Chouleur, Clément Hochart, Siobhan Green, Maud Vachon, Christophe Campistron, Bob Hodgetts, Mathieu Amendola.

Official press release