Natixis arranges power project refinancing for Exeltium

Natixis has acted as financial advisor, rating advisor, mandated lead arranger and co-hedge coordinator for the €1.4 billion (US$1.58 billion) senior debt refinancing of French virtual power plant Exeltium .

The operation was achieved combining two pari passu tranches, a hybrid and innovative financing structure involving the largest institutional financing ever in the French power sector :

• a Bank Tranche of €1 billion;
• a tailored Institutional Tranche of €435 million, secured by Exeltium and bringing together 9 institutional investors.

This refinancing, effective upon drawdown as of June 4th 2015, offers Exeltium a 15-year tenor in line with the project’s duration.

Acting as financial advisor, Natixis assisted Exeltium in designing an innovative fundraising process which targeted both banks and institutional investors. The institutional tranche has been counderwritten by Natixis.

Through this refinancing, along with the renegotiation of its original contract with EDF, Exeltium is now able to deliver electricity to its clients at a more competitive and predictable price over the long-term, thus enabling to preserve the competitiveness of their industrial sites across France.

As the largest 2015 power deal on the French market, this transaction cements Natixis’ strong position as a reference player in both the advisory and financing of large-scale infrastructure projects.