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

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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
deal.

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).

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