On January 23, 2012, Crédit Agricole CIB acted as the joint lead arranger and joint bookrunner in the financing of the acquisition of three photovoltaic power plant units from EDF Energies Nouvelles (EDF EN) on behalf of the Marguerite Fund. The financing amounted to EUR 132 million.
The three units with a total capacity of 36 MW are part of the largest land-based photovoltaic project in Europe. Located at the Toul-Rosières former air force base in Meurthe-et-Moselle, France, the power plant will have a capacity of 115 MW. EDF EN is responsible for the project’s development as well as for its construction, maintenance and operation. It is expected to enter service in the third quarter of 2012.
"Crédit Agricole CIB is pleased to be assisting the Marguerite Fund with this emblematic sustainable development project. The Bank’s participation bears witness on the one hand to the expertise of its Structured Finance-Power team and on the other to its unwavering commitment to sustainable development", says Alexandra Boleslawski, Deputy Head of Natural Resources, Infrastructure and Power and Global Head of Power.
Nicolás Merigó, Chairman and CEO of Marguerite Conseiller S.A., adds: "We are delighted to have closed this deal. Renewables is one of our core sectors and we consider that this project is a unique opportunity to invest in a utility-scale solar photovoltaic plant in France. The transaction was closed with non-recourse project finance debt raised with commercial banks in a difficult market."
The 2020 European Fund for Energy, Climate Change and Infrastructure, known as the Marguerite Fund, was established with the backing of six of Europe’s leading public financial institutions (Caisse des Dépôts et Consignations, Cassa Depositi e Prestiti, European Investment Bank, Instituto de Crédito Oficial, KfW, PKO Bank Polski) to make capital-intensive infrastructure investments.
EDF Energies Nouvelles, with operations in Europe and North America, is a market leader in green electricity production. With development focused on wind energy for several years and more recently on solar photovoltaic, the group is also present in other segments of the renewable energies market: small hydro, marine energy, biomass, biofuel and biogas. In addition, the group is expanding in the distributed renewable energies sector. EDF Energies Nouvelles is a subsidiary of the EDF group.