The Marguerite Fund announced that it has successfully refinanced the 36 MW Toul solar photovoltaic project in France.
The transaction involves the refinancing of the €109 million Term Loan Facility raised to fund the construction of a 36 MW ground-mounted solar photovoltaic project, part of the 115 megawatt Toul-Rosières solar photovoltaic project, developed and constructed by EDF Energies Nouvelles.
The project was acquired by Marguerite in December 2011.
The refinancing has been arranged by BNP Paribas, acting as Mandated Lead Arranger and Agent of the financing, together with Credit Agricole Corporate and Investment Banking, ASN Bank and Triodos. Marguerite was able to successfully procure amended pricing and repayment terms to reflect the improved lending market conditions and excellent performance track record of the asset.
The project was completed on time and budget and started operations early 2013.
Located in a former air base owned by the French State and covering a total area of 522 hectares it is situated near the city of Nancy, in the north-east of France. One and a half million panels using First Solar’s thin film technology will be installed for the project which is expected to start generating electricity in the third quarter of this year. Development, construction, operation and maintenance of the project are managed by EDF Energies Nouvelles.