Crédit Agricole CIB Provides €120 Million Senior Revolving Loan Facility to ADE for European Solar + Storage Expansion

Orrick has advised Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) on the successful closing of a new senior and mezzanine borrowing base financing for AMPYR Distributed Energy (ADE), Europe's leading distributed energy infrastructure platform, to support ADE's development of solar and battery energy storage systems (BESS) projects across Europe.

Crédit Agricole CIB provided a €120,000,000 senior revolving loan facility to the German financing entity within ADE, AMPYR Distributed Energy FinCo GmbH. Alongside the senior facility, funds managed by Franklin Templeton (FT) provided a €55,000,000 mezzanine facility. The funds can be drawn upon to fund financing costs and approved expenditure on ADE's solar and BESS assets.

THE COMPANIES

Crédit Agricole CIB is the corporate and investment banking arm of the Crédit Agricole Group.

AMPYR Distributed Energy (ADE) is a leading UK investor, owner and operator of distributed energy assets across the UK and Europe, with a particular focus on commercial and industrial operations.

THE IMPACT

The transaction follows the successful closing of Crédit Agricole CIB's £170,000,000 borrowing base facility to ADE last year, and the related £40,000,000 of mezzanine facility (with a £10,000,000 accordion) provided by FT, both for the development of solar and BESS projects in the UK.

This financing will support ADE in expanding its distributed solar and BESS portfolio across Europe, including Germany, Spain, the Netherlands, Belgium and Luxembourg.

THE TEAM

The Orrick team was led by Adam Smith and supported by Muhammad Akhtar, Milo Dunne and James Labovitch. Simon Folley and Alfred Weightman also provided valuable assistance.