Deal details
Provence Grand Large Floating Offshore Wind Farm - EIB Loan
Description
Design, construction, financing and operation of a 24MW floating offshore windfarm located off the coast of Faraman (Provence-Alpes-Côte d'Azur, France).The project is sponsored by EDF Renewables and Enbridge Eolien France 2, a subsidiary of Enbridge and CPP Investments. A source close to the deal indicates that the project has raised €286.5 million of debt, as well as €108 million of subsidies. Lenders on the transaction include BNP Paribas, Credit Agricole, Natixis, Societe Generale, Caisse d’Epargne, MUFG, Rabobank, Santander, and the EIB. The subsidies are provided by the European Commission (a €25 million NER 300 subsidy), the European Regional Development Fund (ERDF) (€5 million), and Agence de l'Environnement et de la Maîtrise de l'Énergie (ADEME) (€78 million).The project financing is structured as a club deal and comprises a €130.7 million term loan from the commercial banks, a €47.7 million term loan from the EIB, a €6.8 million standby facility (commercial banks), a €2.3 million standby facility (EIB), a €5 million working capital facility (WCF), a €4 million revolving VAT facility, a €13.5 million L/C facility, a €9 million debt service reserve facility (DSRF), and a €67.6 million equity bridge loan. The term loans, standby facilities, DSRF, L/C facility, and WCF have a door-to-door maturity of twenty years and two months, while the revolving VAT facility has a tenor of up to five years and the equity bridge loan has a tenor of up to two years and eight months. Clifford Chance is legal adviser to the sponsors, while Linklaters is counsel to the lenders.The project has a twenty-year feed-in tariff priced at €240/MWh, with an indexation coefficient applied annually. PGL is one of four pilot projects designed to test the commercial viability of floating offshore wind in the French market. The project is expected to be commissioned in 2023.
Assets involved
Companies involved
- EDF Renewables, Canada Pension Plan Investment Board , Enbridge
- Santander, BNP Paribas, Societe Generale, Caisse d'Epargne Hauts de France, Natixis, MUFG, Credit Agricole CIB, Rabobank
- Linklaters
- Clifford Chance
- European Investment Bank (EIB)
Key information
Provence Grand Large
302$m
22-06-2022
Renewables / Offshore wind
France
Project & Infrastructure Finance
Not PPP
Tranche information
EIB Direct Loan
50$
DFI/MDB Direct Loan
50$m
Euro - EUR
47,700,000
20.17 years
-
-
-
Participant | role | ticket size |
---|---|---|
European Investment Bank (EIB) | DFI/MDB direct lender | 50$m |
EIB Standby Facility
2$
DFI/MDB Direct Loan
2$m
Euro - EUR
2,300,000
20.17 years
-
-
-
Participant | role | ticket size |
---|---|---|
European Investment Bank (EIB) | DFI/MDB direct lender | 2$m |
Term Loan
137$
Term Loan
137$m
Euro - EUR
130,700,000
20.17 years
-
-
-
Participant | role | ticket size |
---|---|---|
BNP Paribas | Lender | 17$m |
Credit Agricole CIB | Lender | 17$m |
Natixis | Lender | 17$m |
Societe Generale | Lender | 17$m |
MUFG | Lender | 17$m |
Rabobank | Lender | 17$m |
Santander | Lender | 17$m |
Caisse d'Epargne Hauts de France | Lender | 17$m |
Standby Facility
7$
Term Loan
7$m
Euro - EUR
6,800,000
20.17 years
-
-
-
Participant | role | ticket size |
---|---|---|
BNP Paribas | Lender | 0$m |
Credit Agricole CIB | Lender | 0$m |
Natixis | Lender | 0$m |
Societe Generale | Lender | 0$m |
MUFG | Lender | 0$m |
Rabobank | Lender | 0$m |
Santander | Lender | 0$m |
Caisse d'Epargne Hauts de France | Lender | 0$m |
Working Capital Facility
5$
Term Loan
5$m
Euro - EUR
5,000,000
20.17 years
-
-
-
Participant | role | ticket size |
---|---|---|
BNP Paribas | Lender | 0$m |
Credit Agricole CIB | Lender | 0$m |
Natixis | Lender | 0$m |
Societe Generale | Lender | 0$m |
MUFG | Lender | 0$m |
Rabobank | Lender | 0$m |
Santander | Lender | 0$m |
Caisse d'Epargne Hauts de France | Lender | 0$m |
Revolving VAT Facility
4$
VAT Facility
4$m
Euro - EUR
4,000,000
5.0 years
-
-
-
Participant | role | ticket size |
---|---|---|
BNP Paribas | Lender | 0$m |
Credit Agricole CIB | Lender | 0$m |
Natixis | Lender | 0$m |
Societe Generale | Lender | 0$m |
MUFG | Lender | 0$m |
Rabobank | Lender | 0$m |
Santander | Lender | 0$m |
Caisse d'Epargne Hauts de France | Lender | 0$m |
L/C Facility
14$
Letter of Credit
14$m
Euro - EUR
13,500,000
20.17 years
-
-
-
Participant | role | ticket size |
---|---|---|
BNP Paribas | Lender | 1$m |
Credit Agricole CIB | Lender | 1$m |
Natixis | Lender | 1$m |
Societe Generale | Lender | 1$m |
MUFG | Lender | 1$m |
Rabobank | Lender | 1$m |
Santander | Lender | 1$m |
Caisse d'Epargne Hauts de France | Lender | 1$m |
Debt Service Reserve Facility
9$
Term Loan
9$m
Euro - EUR
9,000,000
20.17 years
-
-
-
Participant | role | ticket size |
---|---|---|
BNP Paribas | Lender | 1$m |
Credit Agricole CIB | Lender | 1$m |
Natixis | Lender | 1$m |
Societe Generale | Lender | 1$m |
MUFG | Lender | 1$m |
Rabobank | Lender | 1$m |
Santander | Lender | 1$m |
Caisse d'Epargne Hauts de France | Lender | 1$m |
Equity Bridge Loan
71$
Term Loan
71$m
Euro - EUR
67,600,000
2.67 years
-
-
-
Participant | role | ticket size |
---|---|---|
BNP Paribas | Lender | 8$m |
Credit Agricole CIB | Lender | 8$m |
Natixis | Lender | 8$m |
Societe Generale | Lender | 8$m |
MUFG | Lender | 8$m |
Rabobank | Lender | 8$m |
Santander | Lender | 8$m |
Caisse d'Epargne Hauts de France | Lender | 8$m |