DIF Infrastructure II, a fund managed by the independent and specialist fund management company DIF, has closed the refinancing of a 31.2 MWp solar PV portfolio in France.
DIF has completed the refinancing of a portfolio of 15 operational solar PV projects located on the rooftops and parking shelters of supermarkets in the south of France, taking advantage of the prevailing low interest rate environment.
The projects, originally developed by Green Yellow and acquired by DIF at the start of the construction in 2010 through 2011, have all been operational for more than 3 years. The portfolio is 85% owned by the DIF Infrastructure II fund, with Green Yellow owning the remaining 15%.
Natixis and CEPAC, acting as co-MLA, provided €196 million (US$217.6 million) of debt to refinance the existing debt, with part of the debt to be syndicated to several banks and institutional investors through Natixis Infrastructure Debt Platform. Natixis also acted as sole hedging bank.
The lenders were advised by Linklaters (legal), OST (technical), Fidal/KPMG (tax) and MARSH (insurance). DIF was advised by Depardieu Broccas Mafféi (legal) and Noveo Finance (hedging).
Thomas Vieillescazes, partner of DIF and head of the Paris office says:
“This refinancing confirms the capacity of DIF to add significant value to assets under its management for its investors by proactively managing the assets in which its funds have invested.”