Obton gets mezzanine debt for 30.4-MWp solar portfolio in France

Denmark-based renewables investor and asset manager Obton has obtained EUR 8 million (USD 9m) in debt to back its portfolio of French solar projects with a combined capacity of 30.4 MWp.

The mezzanine-type HoldCo debt facility was provided by an unnamed UK-based infrastructure debt fund, Obton's financial advisor in the deal said on Thursday. The debt matures in 2035 and is structured in a bond format.

Obton will allocate the funds towards 18 photovoltaic (PV) projects owned by funds under management. The specific portfolio includes mainly carport PV systems at industrial locations, train stations and airports. All of them operate under feed-in-tariff (FIT) contracts with a remaining term of 15 years.

“Given the traceable production history, the granularity of the portfolio and the low volatility of PV assets in general, the financing structure benefits from a high cashflow visibility,” Obton said.

German consultancy firm Capcora was Obton’s sole financial advisor in the financing deal, which was the Danish company’s first transaction in the mezzanine segment.

Obton has been active in the French renewables market since 2013.

(EUR 1.0 = USD 1.120)

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