DIF completes refinancing of a French solar PV portfolio

door Mark Vuurberg op 07 dec 2016, 09:06 DIF completes refinancing of a French solar PV portfolio

Paris, 7 December 2016 – DIF Infrastructure III closes the refinancing of a 20.1MWp solar PV portfolio in France.

DIF has completed the refinancing of a portfolio of 10 operational solar PV projects located on the rooftops and parking shelters of supermarkets in the south of France, taking advantage of the prevailing low interest rate and competitive bank market environment. The portfolio was developed by Green Yellow. The DIF Infrastructure III fund acquired 85% of the equity in the portfolio in 2013, with Green Yellow retaining 15% of the equity. The portfolio has been operational for more than two years.

Caisse d’Épargne CEPAC, acting as the lead arranger, La Banque Postale, Banque Palatine, BPI France and Caisse d'Épargne et de Prévoyance Loire Drôme Ardèche provided €114 million of debt to refinance the existing debt. The refinancing provides for an extraordinary distribution to the shareholders in the portfolio, without diminishing the stability of the equity cash flows in the coming years.

The lenders were advised by Herbert Smith Freehills (legal), KiloWattsol (technical), H3P (model audit) and MARSH (insurance). DIF was advised by Depardieu Broccas Mafféi (legal) and Noveo Finance (hedging).

This follows the refinancing earlier this year of another 31.2MWp portfolio of 15 solar PV plants in France owned by DIF and Green Yellow, with debt provided by Natixis and a pool of institutional investors.

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €3.3 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3 and renewable energy assets in Europe, North America and Australia.

DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Christopher Mansfield, Partner

Allard Ruijs, Partner

Back to overview

Subscribe to our press releases


The content of this the website is approved by DIF Management B.V., a Private Limited Liability Company. DIF Management B.V. is authorised and regulated by the Authority for the Financial Markets (AFM) in the Netherlands and Registered at the Dutch Chamber of Commerce under 34312941.

The information placed on the website is for information purposes only and is general in nature. Although, DIF aims to ensure the accuracy of the content placed on this website, its content solely should not form the basis of any decisions. Moreover, the information may subject to change without notice.

Please note that the value of investments and any income derived from them may fluctuate and investors may not get back the amount they invested. Any content referring to past performance should be considered as past performance and is no indication for the future.

The content of the website is based on our understanding of the current law and regulation.