Natixis fund closes France’s biggest solar farm

EUROFIDEME 2, a greenfield fund sponsored by Natixis Evironnement & Infrastructures, has reached financial close for France’s biggest solar project. Caisse d’Epargne Provence-Alpes-Corse and Société Générale provided €90m in debt to help close the deal.

EUROFIDEME 2, a greenfield fund managed by Natixis Evironnement & Infrastructures, together with GDF Suez and SEIEF, has reached financial close on France’s biggest solar project to date.

The consortium will build and operate a solar farm near the town of Curbans, in south-eastern France, which will have a power capacity of 33 megawatts peak (MWp). The future farm, to be ready in August 2011, will have 145,000 photovoltaic panels producing 43.5 million kilowatt hours per year, equivalent to the annual electricity consumption of 14,500 households (excluding heating), Natixis said in a statement.

Caisse d’Epargne Provence-Alpes-Corse and Société Générale have helped finance the project with a €90 million loan. The transaction takes EUROFIDEME 2’s renewable generation capacity to 340MWp, Natixis said.

Natixis Evironnement & Infrastructures, a subsidiary of French bank Natixis, manages six funds – greenfield renewable energy funds FIDEME and EUROFIDEME 2; European Carbon Fund and European Kyoto Fund in carbon finance; FIDEPPP for greenfield infrastructure and Cube Infrastructure for brownfield infrastructure assets. Together, the funds manage about €1 billion in assets.