Demeter Partners hasreported the investment of Demeter 4 INFRA into SH1, sole shareholder of Sun’R Infrastructure, a project company dedicated to the operation of a 10MWp portfolio of rooftop-mounted photovoltaic plants.
The portfolio comprises 60 rooftop-mounted photovoltaic plants,with an average individual unit capacity of 170 kWp, developed or acquired by Sun’R between September 2009 and July 2014. The plants benefit from an average feed-in-tariff of 57.1 c€/kWp for 20 years.
Demeter 4 INFRA subscribed to convertible bonds issued by SH1, allowing Sun’R to monetize part of its initial investment and to use the proceeds to finance its ambitious growth strategy. Sun’R will continue ensuring the operation and maintenance of the plants, as well as the technical, administrative and commercial management of the portfolio.
Sun’R recently refinanced the whole portfolio with BRED (agent), Arkéa, Bpifrance and Caisse d’Epargne Lorraine-Champagne-Ardenne.
Philippe Detours, director of Demeter 4 INFRA fund said:
“This investment allows Demeter 4 INFRA to accelerate its investments, while further diversifying its portfolio (energy efficiency with Eifficentre, onshore wind with Nesle-la-Reposte, and now photovoltaic with SH1). The quality of SH1 portfolio, combined with the prudent and optimized financial structure of the transaction, translate into an investment with an attractive risk/return profile, and a strong distribution capacity”.
Sophie Paturle, managing partner of Demeter Partners states:
“We pride ourselves for establishing this new and hopefully longstanding relationship with Sun’R group who convinced us with its technical know-how and the seriousness of its monitoring and maintenance processes”.
Ludwig Mangin, general counsel of Sun’R said:
"This fundraising will contribute to finance the projects awarded to Sun’R under the PV tenders organized by the French Regulatory Commission (CRE), and to position the group on external growth opportunities”.
Antoine Nogier, president of Sun’R, added:
“This transaction usher in a new development phase for Sun’R, especially with the commercial rollout of innovative solutions in agrivoltaism, storage or aggregation, in France and abroad. Thus, this transaction lay a first stone to the development of a long term relationship with Demeter Partners, given our growth perspectives”.