French Solar refinancing

The 57.3 MWp, six plant project portfolio has a value of 203 million €

Business Time Project Coordinator
Energy Starting Date: 2016 Sonnedix



The project represents the largest solar PV refinancing operation in France in 2015 and saw the involvement of three investment firms; Natixis, Banco Santander and The Bank of Tokyo-Mitsubishi UFJ (a member of the MUFG Group).

Acting in different roles and providing the refinancing debt for the solar ground-mount portfolio. RINA were brought in by Sonnedix and Astris Finance (Financial Advisor) as an Independent Engineer to provide technical advisory services to the lenders on the project which had an average remaining life of 16 years and 2 months on the existing Power Purchase Agreements (PPAs) as of January 2016.


RINA acted as the Technical Advisor for the lenders on the 203 million euro project, carrying out a yield and performance analysis, site visits and a technical review of the entire project portfolio including key component and warranty analysis and EPC, O&M and grid connection reviews.

RINA was appointed by a group of lenders including Natixis, MUFG and Banco Santander to undertake an independent technical review of a portfolio of solar PV projects in France, owned by Sonnedix France and consisting of six ground-mount plants built on four different locations across the north and south east of France, with a total installed capacity of 57.3 MWp.

RINA undertook the review from the point of view of an Independent Engineer and covered a wide range of activities to produce a full technical due diligence report including a technical and warranty review of all major installed components together with a full project technical review, site visits to the plants and studies of the historical production data for an operational performance review and projected yield assessments for financial modelling, EPC, Operation & Maintenance and Asset Management contract reviews, and a grid connection review.

Engineers worked with stakeholders across organisations within critically tight deadlines, delivering evidence of decision-making quality to reduce risk, optimise performance and enhance capability.

The project was successfully closed with the refinancing of the portfolio and, with market conditions favourable for renewable energy projects across the country and further possibility for development into other French speaking countries, RINA decided to continue its global business expansion with the opening of new offices in Paris in February of this year.


RINA was able to carry out the scope of work, compile and deliver the required technical reports within extremely tight deadlines, necessary for the successful completion of the project which became the largest of its kind in France, confirming the interest of French investors for solar PV refinancing.

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Fabrice Aymat