French Solairedirect gets EUR-80m funding for solar plants development

(ADPnews) - Oct 12, 2010 - French solar energy company Solairedirect had completed an EUR-80-million (USD 57.9m) funding for three solar parks projects totalling 20 MW in southern France, Bloomberg said on Thursday, citing company official.

The company had secured EUR 64 million in debt and EUR 16 million in equity financing in the past month, managing director Thierry Lepercq told the agency on the phone.

He said that as much as USD 24.8 million of the loan was secured with French bank Natixis (EPA:KN), while Unifergie, a unit of banking group Credit Agricole SA (EPA:ACA), extended USD 24.2 million, and the remaining amount was obtained by state-owned Oseo. Solairedirect will fund 15% of the equity part and French private equity firm 123Ventures will cover the balance.

The company will use the funds to establish 8.6 MW and 5.2 MW solar parks in the Var department by February and 6.1 MW solar project in the Isere department.

Last week Solairedirect also put on stream two plants totalling 24 MW, established jointly with French state-owned bank Caisse de Depots et Consignations for EUR 100.3 million.

Lepercq added the company considered to open two module production plants as well, but they were "put on hold until year-end pending the final decisions of the French government on a yearly cap".

(EUR 1 = USD 0.724)

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