Macquarie AM pumps $627m into a French solar specialist

Macquarie Asset Management has provided a €350 million ($627m) financing facility, acting as a sole lender and underwriter to CVE, a French renewable energy producer specialising in solar and biogas.

CVE develops, finances, constructs, operates, and manages solar assets globally across the value chain.

The financing will support the build-out and continued growth of CVE's solar business across France and internationally, building on a portfolio of more than 1 gigawatt of peak solar capacity currently in operation and under construction.

It will also help enhance CVE's financial flexibility and strengthen its capacity to invest in future growth opportunities.

"We are pleased to provide CVE with a tailored financing solution to support its ambitious growth plans. The financing will simplify the company's capital structure, support its ability to scale, and enable the continued build-out of assets advancing the energy transition," Macquarie Asset Management managing director Thibault Sauvage said.

CVE deputy chief executive Marion Henriet noted market conditions are changing rapidly and require producers to combine industrial excellence, financial discipline, and the capacity for innovation.

"This transaction strengthens our investment capacity and enables us to pursue our strategy with rigour, by developing a high-performing portfolio of assets that creates long-term value," Henriet said.

Macquarie said the financing supports the company's strategy to continue expanding a diversified and resilient portfolio of renewable energy assets and deliver long-term value for its customers.

CVE chief executive Kamil Beffa added: "This transaction marks a new stage in CVE's development. It sustainably strengthens the Group's financial solidity and gives us the means to continue executing our roadmap with the discipline, high standards, and long-term vision that have guided our development for over sixteen years."