Total Eren closes 650 MW acquisition facility in Europe

Total Eren has announced the closing of the Novenergia transaction, which involves the acquisition of more than 650 MW of renewable assets across Europe and raising of a EUR250 million (US$281 million) acquisition facility.

Astris Finance acted as the exclusive financial advisor to Total Eren on this transaction, both for the bid process for the acquisition of the assets and the raising of the financing.

Astris started working in the transaction in November 2018, the acquisition was completed in April 2019, and the acquisition facility was subsequently closed in July 2019.

Novenergia Holding Company (NHC) is a Luxembourg-based diversified renewable IPP, which has been active in Southern Europe since 2001. The company holds a diversified portfolio of wind, solar and mini-hydro power plants representing a total net installed capacity of 650 MW and 47 fully operating assets. NHC’s activity is mostly focused on six European markets, namely Portugal, Italy, France, Spain, Bulgaria and Poland

The facility is a 5-year bullet loan for a total amount of EUR 250 milion (US$281 million), equally shared by BBVA, BNP Paribas, and Natixis. Credit documents were signed on 8 June 2019, and disbursement occurred on 12 July 2019.