News Article

Obton Secures Subordinated Debt Facility For 30.4 MWp PV Portfolio In France


Denmark based Obton A/S secured a
mezzanine-type HoldCo debt facility in an amount of 8 million Euros for PV
assets owned by funds under management. The facility with a tenor of 15 years
was granted by a UK based infrastructure debt fund. Obton has been advised by
Germany based consulting firm Capcora who acted as sole financial advisor in this

Obton raised junior debt for one of its solar PV
participations in France. The financing with a maturity date in 2035 was
structured in a bond format. The underlying is a diversified portfolio of 18 PV
projects with total capacity of

30.4 MWp spread across France - the assets are mainly
carport systems for parking lots on industrial sites, train stations or
airports. Obton entered the French market in 2013. The assets financed have an
average age structure of 5 years and a remaining feed-in-tariff (“FIT”) term of
15 years.

Given the traceable production history, the granularity
of the portfolio and the low volatility of PV assets in general the financing
structure benefits from a high cashflow visibility. The bond provides a
balanced risk-return profile for the mezzanine lender and will be fully
amortised over the bond term.

“It is our mission to improve the returns of our
investors by continuously scouting for new ways to optimize our portfolios.
Mezzanine debt is an extremely interesting instrument for us, which we were
able to access thanks to Capcora!”, says Andreas Duckert, Chief Finance Officer
at Obton.

“We are proud to have advised Obton on its debut
transaction in the mezzanine segment. This deal represents our first PV
transaction in France.

The complexity in terms of types of assets,
diversification and cross-border coordination makes it a unique transaction.”,
says Alexander Kuhn, Managing Partner at Capcora

Besides Capcora Obton was advised by Herbert Smith
Freehills Paris LLP (Legal), WPO SAS (Technical) and Ernst & Young LLP
(model audit).

Solar Generates Savings On Your Electricity Bill − Irrespective Of The COVID-19 Crisis
Vapour Fix Raises Perovskite Crystal Performance
Eversheds Sutherland Advises On Europe’s Largest Floating Solar Project
Energeo Boosts Council’s Climate Emergency Plans
US International Trade Commission Issues Final Determination Confirming No Infringement Of Hanwha Q-Cells Patent By REC Group
REC Group Rejects Decision By The Düsseldorf Regional Court On Alleged Patent Infringement Regarding TwinPeak Solar Cells
Progress In Functional Roof Design: Photovoltaic In-roof System Combination
BYD Launches Battery-Box Premium LVS With Unparalleled Ease Of Use And Versatility For On- And Off-grid Installations
Tesvolt Wins Leading Innovation Prize For SMEs
EnergyHub Partners With Vivint Solar To Expand Availability Of Residential Batteries As Utility Resources
RES And SNCF Energie Sign A CPPA For Nearly 40 Megawatts Of Renewable Energy In France
PI Berlin Introduces Deep Dive Quality Assessment For Lithium-ion Battery Production
REC Group Wins Prestigious Intersolar Award 2020 For Its Powerful Alpha Solar Panels
Obton Secures Subordinated Debt Facility For 30.4 MWp PV Portfolio In France
Midsummer Solar Panels Are Ten Times Better For The Environment
REC Group Top Performer In PV Module Reliability Scorecard By DNV GL
REC Group Goes Virtual, Bringing Premium Solar Products
Researchers Make Fuel From Cubic SiC, Graphene And CO2
Midsummer’s Solar Panels Almost Ten Times More Environmentally Friendly Than A Typical Silicon Solar Panel
Ingeteam The First Central Inverter Manufacturer To Be Certified To NTS UE 2016-631
Alectris Partners With Resco For All-in-one Mobile Solar O&M Tracking
Meyer Burger Technology Ltd Aims To Transform Itself
Van Der Valk Solar Systems And Eyecatcher BV Are Joining Hands!
UK Breaks Record For Solar Energy Production In May

Search the news archive

To close this popup you can press escape or click the close icon.
Register - Step 1

You may choose to subscribe to the Solar + Power Magazine, the Solar + Power Newsletter, or both. You may also request additional information if required, before submitting your application.

Please subscribe me to:


You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: