Ardian / Attero
Raising non-recourse green project financing to finance construction and operational phase of two solar parks
- In 2023, Avaxa was engaged by Attero, a portfolio company of Ardian, to assist in raising non-recourse project finance for the first two solar parks to be constructed on Attero's closed off landfills (Inert Mineral Depositories, or ‘IMD’s’) in Wijster (32.1 MWp) and Montfort (16.0 MWp);
- Attero, a leading business in the Dutch waste management and recycling sector, is committed to transforming waste into valuable resources through innovative and sustainable solutions;
- An important part of Attero's sustainability strategy is the realization of solar parks on its IMDs. The projects in Wijster and Montfort are the first two projects, which are to be followed by several other solar parks at Attero's various IMD’s spread across the Netherlands;
- Avaxa assisted Attero in determining the long-list of potential Dutch and foreign lenders, building the financial model and preparing documents such as the Information Memorandum, Request for Proposal and - in close cooperation with Norton Rose Fulbright - a detailed Long-Form Term Sheet;
- As a result of a competitive process, including management meetings with a short-list of selected potential lenders, Avaxa obtained multiple term sheets with highly competitive terms that provided Attero with several competitive financing options;
- Following receipt of the term sheets, Avaxa coordinated the legal and technical due diligence processes, limiting the scope of the due diligence to the essential requirements of potential lenders. This in order to optimize the efficiency of the due diligence and minimize costs for Attero;
- After a final round of commercial negotiations and the sharing and discussing of due diligence reports, Rabobank was selected as the preferred lender. The already fully negotiated and detailed Long Form Term Sheet allowed the documentation phase to be completed swiftly;
- Through tight process management, Avaxa successfully secured EUR 26m of project financing for Attero in August 2024. By qualifying for the Dutch ‘Groenregeling’, the cost of funds for the solar parks have been significantly reduced. The favorable terms, both in terms of pricing and structuring, further support Attero's business case for the solar parks; and
- With the non-recourse green project financing, Attero has the necessary funds at its disposal to realize the solar parks in Wijster and Montfort. In addition, this lays the foundation for the realization of additional solar parks across the country, allowing Attero to further contribute to the energy transition in the Netherlands.
