Sienna IM and Ze Energy close the Assetco Financing of a French Hybrid Solar & Storage Farm

Sienna Investment Managers (IM), pan-European multi-expertise asset manager, provided an assetco financing to ZE Energy, a French leader in solar + storage hybrid projects, for the construction of a utility-scale, ground-mounted plant in Vert (Landes). The project is currently under construction, and is scheduled to be connected to the Enedis grid in early 2025.

The installation will couple a 77 MWp photovoltaic plant with a lithium-ion battery storage system with a capacity of 14.8 MW / 33.5 MWh, in order to store electricity at times of high production and inject it into the network when demand is strong.

The project will also benefit from a Corporate PPA with French telecommunications firm Orange, an investment-grade offtaker, which secures its energy supply conditions through this contract, also providing visibility on the cash-flows of the asset.

The successful completion of this transaction is a clear testament to Sienna IM’s partnership with ZE Energy to address the major challenge of the intermittency of renewable energies through innovative solutions. BCLP served as the lender’s legal advisor.

This project is another financing from Sienna IM under its fund Predirec ENR 2 (managed by Sienna AM France, an AMF approved asset management company n°GP97118, and member of Sienna IM group). The Sustainable Infrastructure Debt strategy of Sienna IM has already financed renewable energy projects with a total capacity of 2GW across 6 countries in Europe since 2015.

Mathieu Lassagne, CEO at ZE Energy, commented: “The financing of the construction of this new solar-plus-storage hybrid project marks a new milestone in ZE Energy’s development and demonstrates the attractiveness of its model, particularly to leading financial players. The deployment of electricity storage solutions, recognized as the way of the future, is going to play an increasingly important role.”

Philippe Garrel, Head of Infrastructure Debt Funds at Sienna IM, commented: “We are thrilled to participate in the financing of this flagship hybrid project, a first-of-its-kind asset given its utility-scale dimension and Corporate PPA structure. This assetco financing perfectly matches our investment identity and shows our ability to deliver financing solutions on complex projects to mid-market players, with strong added value.”

About ZE Energy

ZE Energy is an independent producer of renewable energy, specializing in hybrid solar power plants that combine photovoltaic technology and energy storage. Tailored to the needs of continental Europe, ZE Energy designs, finances, builds, and operates these hybrid plants, while providing green energy directly to consumers or through tenders. With over 1 GW of photovoltaic projects and more than 300 MW of battery storage in its portfolio, ZE Energy is committed to accelerating the energy transition. By 2025, the company aims to deploy over 900 MW of solar capacity and 600 MWh of battery storage across five countries. https://ze-energy.com/en/

Press contacts:

Sienna IM

Féten Ben Hariz – fbenhariz@fargo.agency +33 (0)6 16 83 64 06

Maria Krellenstein – maria.krellenstein@sienna-im.com  +33 (0)6 64 37 69 63

ZE Energy

Stephanie Kanoui – stephanie@agencethedesk.com  +33 (0)6 11 66 00 50