Watson Farley & Williams (“WFW”) advised independent French renewable energy producer Technique Solaire on a €224m senior debt financing with Bpifrance and Caisse d’Epargne CEPAC for the construction of nearly 300 greenfield rooftop, shade and ground-mounted solar photovoltaic projects in France with a total capacity of 162.6 MW (project Artemis). This is the largest senior debt raising in the group’s history.
One of the projects will be the subject of a power purchase agreement with a first-rate counterparty. This financing supports Technique Solaire’s growth strategy and reflects its objective of raising €4bn by 2030 to reach 4 GW of photovoltaic energy production capacity.
Founded in 2008, Technique Solaire specialises in the development, financing, construction and operation of renewable energy production units (solar and anaerobic digestion) in France and internationally. In 2023, its electricity production from renewable sources was equivalent to the consumption needs of 1,700,000+ people, thereby avoiding 229,395 tonnes of CO2 emissions.
Bpifrance is a French public bank that supports businesses in their energy transition by financing innovative projects. In 2023, it invested €22bn+ internationally, guaranteed €8.6bn+ loans to over 63,000 companies and granted €9.4bn+ funding to projects.
Marseilles-headquartered Caisse d’Epargne CEPAC is a regional cooperative bank and part of Groupe BPCE. Its 3,200 employees, in 242 branches support 1.5m clients including domestic and international businesses, local authorities, social housing organisations and real estate professionals.
The multidisciplinary WFW Paris team that advised Technique Solaire was led by Finance Partner Laurence Martinez-Bellet, supported by Associates Sophie Rivallain and Simon Allain. Partner Romain Girtanner, Counsel Hélène Ibos, and Associate Maximilian Cristescu provided tax law expertise, with Partner Laurent Battoue advising on the public law and regulatory matters.
Laurence commented: “We are proud to have assisted Technique Solaire on this holdco greenfield financing for a record amount of €224m, enabling Technique Solaire to accelerate its development.”
