Green Giraffe Advisory advised Photosol on refinancing its existing senior debt facility and DSRF, allowing the switch of a part of the portfolio's offtaker from CfDs to cPPAs.
Green Giraffe Advisory was mandated as exclusive financial advisor for the Maido portfolio by Photosol, a tier-1 developer and IPP of solar PV assets in France, with solid success rate in CRE auctions and a high growth potential.
Maido is a diversified brownfield portfolio of 112 MWp across 9 solar PV assets (ground mounted and canopy) located in France, gradually commissioned between Jun-2020 to Oct-2022.
Green Giraffe Advisory led the refinancing process of the existing non-recourse senior debt at HoldCo level with the objective to switch part of the portfolio from CfDs to cPPAs Photosol had secured, tailor the new debt repayment profile to the revised cash flow profile and to maximize leverage, including making an exceptional distribution at closing.
After sounding a broad group of potential lenders, a EUR 103.4 M financing was secured with CEPAC and La Banque Postale with very competitive conditions. The transaction closed on 27th May 2024.
