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

December 2019

Everoze was delighted to advise Caisse d’Epargne CEPAC, BNPP and La Banque Postale on the technical side for the debt refinancing of a +100 MW French wind and solar brownfield portfolio including 4 wind farms and 9 solar plants (including CPV) developed by Neoen.

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

Anissa El KhettarBNP Paribas Managing Director Renewables Europe indicates “Everoze demonstrated a thorough understanding of the technical condition and potential risks associated with assets of the portfolio. They have delivered us a sound, professional and pragmatic advice, always with a great reactivity. Their work has been greatly appreciated.”

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

Everoze finally conducted a multi-technology portfolio effect, 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.

Arthur Charpentier – CEPAC Renewables Financing Manager adds: “We continue to appreciate our long-standing relationship with Everoze and our ability to rely on their expertise to help us finance projects like Wind Farms and PV projects included in Proteus portfolio. Everoze dedicated project team provided deep technical knowledge throughout the whole financing process.”

Everoze employed its industry leading Due Diligence on Demand process, ensuring a robust risk assessment, smooth communication and continuous identification of open or risk items. 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 Maud Vachon and Christophe Campistron supported by a broader project team including Arnaud Thomé, Raphaël Lagache, Arnaud Eté and Brieuc Pey.