VALOREM and ING Bank have reached financial close for the construction of two solar parks in the south-west with a capacity of 34MWp

14 February 2020

VALOREM and ING Bank, closed on February 10th the senior debt financing for the two PV solar parks of Mézos and Pinvert. These two parks with a capacity of 34MWp will be the largest ever built by VALOREM in France and form part of a larger cluster of 80MWp being developed by VALOREM. They were awarded a tariff in 2018 at an auction run by the French government.

ING Bank arranged the entire financing and provided a total debt commitment of 30M€ including ancillary facilities through a holding structure.

Two PV parks financed by local investors

Local authorities have shown strong support to the local energy transition through participating in a crowdfunding campain run for the projects. SEM 24 Périgord Energies, SEM Enerlandes, City of Escource and Activent Holding have invested 2 050 000 € in the projects through equity convertible bonds.

Through this investment, around 40% of the equity required for this project was sourced locally.

Commissioning scheduled in 2021

These two PV parks of 34MWp (17MWp each) were developed with strong support from the City of Mézos and are scheduled to be commissionned in early 2021. There will be more than 78 000 SunPower modules mounted on single-axis trackers provided by Exosun with SMA inverters. Annual production is expected to be 53GWh, the equivalent consumption of 20 000 households and avoid the CO2 emissions of 20 000 tons per year.

VALOREM and ING were supported by a number of advisers including :  WATSON FARLEY & WILLIAMS – Lenders’ Legal Adviser, RINA – Lender’s Technical Adviser, CABINET MATHIEU and KARILA – Lender’s Insurance Advisers, FIDAL – Sponsor’s Legal Advisor.

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As a green energy group, the VALOREM controls the entire process of developing renewable energies, from development to financing, construction and operation. VALOREM pioneered wind power in France 25 years ago. VALOREM developed as a leading Independent Power Producer with 450 MW constructed or in construction. The asset and portfolio of Power projects was historically mostly wind powered but diversified into solar PV and more recently small Hydro. Now with 250 employees, VALOREM is headquartered in France and is also active in the Caribbean, Northern & Easthern Europe, North Africa and Latin America. Since 2014, VALOREM is certified ISO 9001, ISO 14001 since 2015, and OHSAS 18001 since 2017. When developing projects, Valorem dedicates special attention to environmental and social benefits towards local communities.