June 19 (Renewables Now) - French independent solar power producer Reden Solar said today it has completed a EUR-270-million (USD 311.7m) refinancing for the majority of its French assets.
The 17-year non-recourse financing has been arranged by Societe Generale and Credit Agricole Group with the contribution of Bpifrance. The transaction restructures 92 historic loans from 17 banks for 150 operating solar photovoltaic (PV) parks.
Reden Solar chief financial officer Vincent Wattignier said the deal not only simplifies the company's debt structure and improves financial conditions, but also allows it to generate additional cash flow, which will be directed to accelerating growth, in particular through the purchase of plants and projects in France, Portugal and Chile.
Reden Solar was advised by Astris Finance and Linklaters.
(EUR 1 = USD 1.155)