French renewable power plants operator Voltalia SA has increased its syndicated bank loan facility to EUR 324 million (USD 348.2 million) from EUR 294 million.
This upsizing follows a successful syndication process, bringing Brazil's Itaú Bank and South Africa's Standard Bank into the lender pool, which now includes 11 banks.
Initially signed on July 29, the loan was backed by a consortium of nine banks from Europe, the US, and Japan. The financing structure includes a EUR 176.4 million revolving credit facility, with a potential two-year extension, and a EUR 147.6 million term loan maturing in five years.
This syndicated financing is sustainability-linked, with conditions tied to the achievement of climate change mitigation and social development targets.
Voltalia plans to use the loan to manage convertible bonds due in 2025 and to boost its investment in renewable energy projects. CEO Sebastien Clerc stated, “The additional resources will further improve our financial flexibility and support our ambitious strategy.”
