CVE lands €350M debt facility from Macquarie to grow solar arm

What's the deal? French renewables developer CVE has secured a €350 million financing facility from Macquarie Asset ManagementDealroom has a profile for this one. Try Dealroom →, which acted as sole lender and underwriter on behalf of its institutional clients and managed funds.

What does CVE do? The company develops, finances, builds, operates, and manages solar assets across the value chain. It runs a portfolio of more than 1GW of peak solar capacity in operation and under construction.

What's the money for? The facility will fund the build-out and growth of CVE's solar business across France and internationally. It will also simplify the company's capital structure and strengthen its capacity to invest in future opportunities.

What they're saying: "This transaction marks a new stage in CVE's development," said chief executive Kamil Beffa, adding that it "strengthens the Group's financial solidity."

Thibault Sauvage, managing director at Macquarie Asset Management, said the deal would "support its ability to scale, and enable the continued build-out of assets advancing the energy transition."

The signal: Macquarie, one of the world's largest infrastructure and renewables investors, backing CVE as sole lender is a notable vote of confidence in the developer's model — and in solar as a bankable, scalable asset class as institutional capital moves further into the energy transition.

Read more: National Tribune

Image credit: Daquella manera