Case Study: French Renewables

Project Neptune

Project Neptune represents holding company financing to a portfolio of French wind and solar assets supported by a feed-in-tariff.

Sequoia worked alongside another lender to provide club financing at holding company level with each project keeping its legacy project finance debt. The project sponsor saw the HoldCo financing as an alternative to selling minority equity stakes in each of the underlying projects. This solution helped the sponsor free up equity and expand its renewables development pipeline.

As the maximum target tenor of our co-lender was limited, the Fund made the transaction possible by taking the longer-term maturities. To de-risk our investment we negotiated a set of cash sweeps that will shorten the expected weighed average life of the loan to our target tenor.

Scandlines Ferries

Financing the acquisition of a majority stake in Scandlines Holding ApS, the operator of two short-haul traffic machines transporting passengers and commercial traffic between Germany and Denmark.

Project Bannister UK Healthcare Facilities

Bannister is the provider of long-term supported and residential living facilities for adults with learning disabilities, such as intellectual disability, autism, mental health diagnosis and acquired brain injuries with complex behavioural needs.

Welcome Break UK Motorway Service Area

Welcome Break is one of the three main Motorway Service Area (MSA) operators in the UK, with 34 locations situated on the most profitable stretches of the UK motorway network.

Project Neptune French Renewables

Project Neptune represents holding company financing to a portfolio of French wind and solar assets supported by a feed-in-tariff.

AP Wireless International Cell Tower Portfolio

AP Wireless is a worldwide cell site lease investment firm. The company is focused on the acquisition of tower and rooftop cell site ground leases. Having ownership of a ground lease entitles AP Wireless to all long-term contracted telecom revenues on the site from a diversified basket of mobile carriers and tower companies.

Forsa Energy UK Flexible Generation

Financing the construction of a portfolio of gas peaking plants in the UK. Forsa Energy provides flexible generation technology, an emerging asset class which is expected to become increasingly important as renewables increase the intermittency of the grid.