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The fifth episode of our podcast series Insid’ER Talks features a conversation with Michael Salomon, founder of Clean Horizon Consulting and a leading expert in the battery energy storage (BESS) sector. The episode is hosted by Malena Reali, Senior Analyst at Tevali Partners.

With battery storage emerging as a cornerstone of the energy transition, this conversation offers a comprehensive and accessible overview of the key dynamics shaping the market across Europe.

In this episode:

• An in-depth look at the evolution of battery storage technologies in Europe

• A breakdown of revenue models for BESS assets, including capacity markets, reserves, and arbitrage mechanisms

• Regional perspectives across key markets such as the UK, Germany, France, Spain, and others

• Insights into the role of public support, especially for stand-alone storage projects

• A discussion on recent fire incidents in lithium-ion systems and the implications for insurance and project development

Michael Salomon shares his unique perspective on the strategic role of BESS infrastructure and the challenges that come with its rapid expansion.

This episode is part of Insid’ER Talks, the podcast by Tevali Partners that explores the business and financial dimensions of the energy transition.

Don’t miss out on future episodes, subscribe on YouTube or your favorite podcast platform!

Structuring Bankable C&I Solar Portfolios in France: Why Standardization is Key

At the Solarplaza Summit France – PV & Storage 2025, Tevali Partners had the opportunity to contribute to the conversation around one of the sector’s most pressing challenges: making Commercial & Industrial (C&I) solar projects bankable at scale.

During a roundtable moderated by Michael Tobelem, Founding Partner at Tevali, representatives from Crédit Agricole CIB, Helexia and GreenYellow discussed the financial structuring of distributed solar portfolios in a highly fragmented French market.

Fragmentation as Both Challenge and Opportunity

The diversity of the French C&I landscape — in project size, developer profiles, and contractual frameworks — presents a unique paradox. On one hand, this heterogeneity can help dilute risks when aggregating projects into larger portfolios. On the other hand, it makes credit analysis complex, slows deployment, and creates significant hurdles for lenders.

To overcome these barriers, the speakers emphasized the need for standardized contractual structures. Harmonizing PPAs, EPCs, and O&M agreements clarifies risk allocation, improves transparency, and allows for easier replication — all critical steps toward making C&I portfolios bankable.

Off-Taker Quality and Predictable Cash Flows

Another key point of consensus was the central role of the off-taker in securing financing. The financial solidity and creditworthiness of the counterparty remains a primary concern for banks. This is especially true in fragmented markets, where project-by-project assessment is impractical. In response, banks are increasingly favoring platform-based approaches that aggregate multiple assets and assess their viability based on global scoring, rather than on individual characteristics.

Such platforms must strike a delicate balance: they need to be standardized enough to ensure clarity and risk control, yet flexible enough to accommodate different project types and profiles.

The Rise of Hybrid Models

Finally, the panel discussed the growing importance of hybrid financing models and integrated services — including battery storage (BESS), automated consumption control, and energy efficiency features. These additions not only enhance the technical and operational profile of projects but also make them more attractive to financial institutions. Well-documented and structured portfolios can now access financing conditions approaching those of utility-scale assets.

Tevali Partners extends its thanks to Julie Tholliez, Mathieu Cambet, Fabian Eiglier, and Marjory Dupouy for their valuable contributions and the successful coordination of the session.

A few weeks ago, the entire Tevali Partners team gathered for our annual seminar at the Château des Mesnuls, hosted by Châteauform’. This “Sémin’air” was a moment to reconnect, recharge, and lay the groundwork for the months ahead.

Day 1 — Understanding Ourselves and Each Other

The first day was dedicated to collaboration and alignment. Following an opening message from the leadership team, the group took part in a series of team-building challenges and a Process Communication Model workshop led by Lyndia Lesauvage. This in-depth session gave us new tools to understand individual communication styles and strengthen team dynamics. The day ended with a lively evening featuring a team dinner, music, and a now-legendary Tevali Talent Show.

Day 2 — Moving, Laughing, Thinking

The second day began in a more relaxed spirit, with optional morning activities including tennis, swimming, and informal conversations. In the afternoon, the team came together for the “Tevaliades”, an internal round of Olympic-inspired games, before closing the seminar with a Climate Fresk workshop led by Marie-Céline Maréchal. The workshop was a valuable opportunity to collectively reflect on our environmental impact and long-term responsibilities.

This seminar was a unique moment to step back from our day-to-day activities, strengthen internal bonds, and realign our collective ambitions. We return with fresh energy and a reinforced sense of purpose to support our clients and advance the energy transition.

Tevali Partners is proud to have advised Vents du Nord Group on the structuring of an innovative €20 million development financing facility to support the group’s transformation into an Independent Power Producer (IPP). The financing, provided by CIC Private Debt, will secure the development of VDN’s pipeline of wind and solar projects across France, representing a total capacity of 465 MW.

The financing will allow VDN to fund key development activities including project development costs, working capital, corporate overhead, and early construction expenditures ahead of project-level senior debt financing. This structure also offers VDN the flexibility to either sell or retain projects for long-term ownership as they reach RTB status.

This transaction highlights Tevali Partners’ ability to deliver tailor-made, non-dilutive financing solutions for renewable energy developers, unlocking value from early-stage pipelines while preserving long-term strategic flexibility. This success is also a collective achievement, made possible by the valuable contributions of the following advisors who played a key role in this operation: Jeantet, Klein Wenner, Greensolver, and Finance Consult.

Steven Kassab and Hubert de Beaufort, respectively Partner and Senior Analyst at Tevali Partners, commented: "We are proud to have supported VDN in this strategic step of its transition to an IPP model. This innovative structure reflects our ability to design and execute flexible financing solutions adapted to the specific needs of mid-cap developers in the energy transition ecosystem."

Matthias Munninger and Quentin Ferret, respectively Head of Finance & Project Implementation and Senior Finance Manager at VDN: “We would like to thank Tevali for the very trustful and constructive cooperation! The successful completion of the development financing after months of intensive work underlines the confidence of the market and our lender CIC Private Debt in our high-quality and diversified pipeline, our excellent team and our IPP strategy.  This will enable us to focus intensively on the profitable further development of our pipeline in a challenging environment and the expansion of our IPP portfolio.”

This transaction further strengthens Tevali Partners’ position as a reference player for independent financial advisory in the European renewable energy sector, with a strong focus on mid-market developers and tailored financing strategies.

Advisors involved in this financing included:

Jeantet, drafting of credit documentation and lender’s legal advisor 
Klein Wenner, sponsor’s legal advisor
Klein Wenner, legal, tax, and regulatory auditor
Greensolver, technical advisor
Finance Consult, financial model auditor

Tevali Partners is proud to announce that it has advised Q Energy on several debt financing and sell-side M&A transactions over the past few months. Tevali Partners supported the sale of nine French renewable energy assets, including floating photovoltaic (PV), onshore wind, and solar assets, totaling 180 MW. Additionally, Tevali Partners played a key role in the debt financing of five of those assets, representing 130 MW, including the financing of the Les Îlots Blandin floating solar asset—the largest of its kind in Europe, with a capacity of 74 MW—two ground-mounted solar assets, and two onshore wind assets with a total of 12 turbines.

Q Energy is a leading European provider of integrated renewable energy solutions, specializing in the development, construction, and operation of solar, wind, and energy storage projects. With over 15 GW of projects in development across Europe, Q Energy is a key player in the renewable energy market, committed to advancing the transition to a low-carbon economy by deploying innovative and sustainable energy solutions in countries including Spain, France, Portugal, Germany and Italy.

Steven Kassab and Benjamin Levine, respectively Founding Partner and Director of Tevali Partners, stated: "We are proud to have supported Q Energy, a top-tier developer and EPC provider in the sale and financing of these high-quality renewable assets. Our involvement throughout the transaction process, from financial structuring to divestment, helped ensure a smooth and successful outcome. These transactions reaffirm the strength of our approach and the deep trust we’ve built with our clients."

These operations further reinforce Tevali Partners' position as a leading independent advisor for mid-cap transactions in the renewable energy sector, establishing the firm as a reference player in the market. 

Tevali Partners is pleased to announce that it has advised the TTR / Amundi Transition Energétique consortium in the acquisition of 127 MW of operational wind assets in France from a leading German family office.

This acquisition represents the third transaction with Amundi Transition Energétique, an infrastructure investment management firm wholly owned by the Amundi group with €1 billion in assets under management, and the first with TTR, a hybrid entity that combines the expertise of an Independent Power Producer (IPP) with that of an investment fund. TTR distinguishes itself through its technical proficiency in development and extensive co-development experience. This brownfield transaction further strengthens the existing partnership between Amundi and TTR within the Hexagone joint venture, which also includes Mirova, Generali, Crédit Mutuel, and Banque des Territoires.

Steven Kassab, co-founder of Tevali Partners, stated: “We are thrilled to have supported the TTR / Amundi Transition Energétique consortium in this strategic acquisition. The highly predictable cash flows and the industrial redevelopment potential of the wind farms for a second life are significant advantages of this transaction. This deal reinforces our position as a leading financier in the wind energy sector, marking our fourth major transaction within the past year.”

This success highlights Tevali Partners’ dedication to assisting its clients in navigating complex transactions with substantial value-added potential, thereby solidifying its role as a leader in the financing of renewable energy infrastructures.

The fourth episode of Insid’ER Talks is now live! This episode features an insightful discussion with Audrey Juillac, a vegetable farmer and President of the FFPA, focusing on agrivoltaic projects and their integration into a harmonious approach for farmers.

Join us as we explore the world of energy transition, where leading experts and key industry players share their perspectives, analyze market trends, and delve into the challenges that must be addressed for a successful transition. Expect engaging and informative content, guided by the expertise of our analyst, Malena Reali.

Don’t miss out on future episodes, subscribe on YouTube or your favorite podcast platform!

The third episode of Insid'ER Talks is now live! In this episode, we explore the challenges faced by a major renewable energy company like EDPR, which is nearly 100% green, as well as the issues surrounding public acceptance of wind energy projects. Our special guest is Etienne Thomassin, CEO for France and Belgium at EDPR and board member of France Renouvelables.

Join us as we delve into the world of energy transition, where leading experts and key industry players share their insights, decode market trends, and discuss the hurdles that need to be overcome for a successful transition. Expect compelling, insightful content, expertly guided by our analyst, Malena Reali.

Don't miss future episodes! Subscribe on YouTube or your favorite podcast platform!