Voltalia upsizes syndicated debt to EUR 324m

French renewable power plants operator Voltalia SA (EPA:VLTSA) has increased the amount of its recently secured syndicated bank loan facility to EUR 324 million (USD 348.2m) from EUR 294 million.

The Paris-based company said in a bourse filing on Tuesday that the upsizing was enabled by a successful syndication, which allowed Brazil’s Itau Bank and South Africa’s Standard Bank to join the initial pool of lenders. The lending consortium now consists of 11 banks.

The bank loan was initially signed on July 29 with a pool of nine banks from Europe, the US and Japan.

The syndicated financing consists of a five-year revolving credit facility of EUR 176.4 million, which could be extended by an additional two years, plus a EUR-147.6-million term loan maturing in five years. The loan is structured as a sustainability-linked financing and is tied to the achievement of climate change mitigation and social development targets.

The debt will enable Voltalia to convertible bonds due in 2025 and provide it with extra cash resources for investment in new renewable energy projects. “The additional resources will further improve our financial flexibility and support our ambitious strategy,” said CEO Sebastien Clerc.

(EUR 1.0 = USD 1.075)

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