Green Giraffe was mandated by Octopus Renewables during spring 2020 as exclusive financial advisor to structure and raise senior debt to refinance the existing term loans of a 120 MWp portfolio of operational ground mounted solar PV assets located in France. Octopus Renewables successfully acquired the portfolio, consisting of 14 assets, in July 2020 through its Octopus Renewables Infrastructure Trust plc from Samsung Securities and a minority investor.
The new senior financing, provided by Société Générale, Allied Irish Banks and La Banque Postale, replaced the existing senior debt at SPV level through a single holding level financing, benefitting from the portfolio’s track record, improving commercial terms and providing simplified administrative and reporting requirements.
Despite the challenges created by the global coronavirus pandemic, all parties involved greatly collaborated to achieve a successful closing for such a complex portfolio refinancing process.
The mission included financial modelling, debt structuring and market sounding among potential lenders, tailoring of a very competitive financing package, review of due diligence reports, banks selection, negotiation of the debt documentation and support of the process up to financial close.
Darren Ho, Senior Investment Manager at Octopus Renewables, commented:
“Green Giraffe worked diligently and professionally throughout this transaction and were key to the successful closing of a complex refinancing.”
