Macquarie Asset Management has provided a €350m financing facility to French renewable energy producer CVE.
The financing will support the growth of CVE’s solar business across France and internationally, building on a portfolio of more than 1GW of peak solar capacity currently in operation and under construction. It will also help enhance CVE’s financial flexibility and strengthen its capacity to invest in future growth opportunities.
Macquarie, acting as sole lender and unerwriter, has made the investment on behalf of institution clients and managed funds.
Thibault Sauvage, managing director at Macquarie Asset Management, said: “We are pleased to provide CVE with a tailored financing solution to support its ambitious growth plans. The financing will simplify the company’s capital structure, support its ability to scale and enable the continued build-out of assets advancing the energy transition.”
Kamil Beffa, CEO of CVE, said: “This transaction marks a new stage in CVE’s development. It sustainably strengthens the group’s financial solidity and gives us the means to continue executing our roadmap with the discipline, high standards and long-term vision that have guided our development for over 16 years.”
Marion Henriet, deputy CEO of CVE, said: “Market conditions are changing rapidly and require producers to combine industrial excellence, financial discipline and the capacity for innovation. This transaction strengthens our investment capacity and enables us to pursue our strategy with rigour, by developing a high-performing portfolio of assets that creates long-term value.”
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