Financing of €202 million solar power plants in France

CVE has reached a new milestone in the development of its photovoltaic business in France, through its subsidiary CVE Solar, with the completion of a 202 million euro structured financing package. By 2024, CVE France’s solar projects will account for 3.5% of total capacity under construction in France, confirming the company’s place in the national energy landscape and its contribution to the energy transition.

Structured financing to support 27 new solar power plants and operating assets

Senior financing covers 27 solar power plants to be built Greenfield, representing a total capacity of 177 MW, with 19 ground-mounted plants (170 MW) and 8 roof-mounted or shaded plants (7 MW) that will produce energy valorized through regulated sales contracts (CR, OA) as well as self-consumption contracts.

In addition to Greenfield projects, junior financing also includes projects already in operation, such as the Terres Neuves 1 ground-mounted power plant (15 MW under PPA) and the Natal portfolio, comprising over 70 rooftop and shaded power plants (11 MW).

Financial partners committed to the energy transition

Several long-standing partners have renewed their confidence in the relevance of the CVE model. Financing is based on :

• 177 million in 23-year senior debt, co-arranged by Groupe BPCE (Caisse d’Epargne CEPAC and BPCE ENERGECO) and Crédit Agricole Transitions & Energies with its partner banks (Crédit Agricole Alpes Provence, Crédit Agricole Centre Loire and LCL) and CIC Sud-Ouest, Banque Palatine and Caisse d’Epargne Loire Centre as co-lenders.
• 24.5 million in junior convertible bond debt, arranged by ETIC Partners (Energy Transition Europe II fund), with CIC Private Debt (CIC Transition Infra Debt 2 fund) and Crédit Agricole (CAAP Énergies and CAPG Énergies Nouvelles funds) as co-lenders.

CVE advocates decentralized production of renewable energies, distributed at the heart of our territories, to support the decarbonization of businesses, local authorities and the agricultural world. The territorial anchoring of projects will be reinforced by participatory financing operations, which will be set up in the coming weeks to support them

“This financing marks a major step in the structuring of our solar activities in France. It illustrates the diversity and quality of our portfolio – from ground-mounted power plants to rooftop self-consumption projects.” comments Pierre de Froidefond, co-president and co-founder of CVE.

Cyril Gilot, Investment Director, CVE, adds: “This transaction also testifies to the strength of our relationships with leading financial partners. We are proud to contribute, through these projects, to the energy transition and to consolidate our position as a key player in the French market.”