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Tevali Partners is pleased to announce that it has advised Watt&Co on the structuring of a €60 million junior financing facility provided by a pool of lenders including Arkéa Asset Management and CIC Private Debt. This transaction aims to support the development of a renewable energy portfolio in France with a total capacity of 1.5 GW.

The portfolio is composed of 15% rooftop solar, 83% agrivoltaics and ground-mountedand 2% hydro assets. As of March 31st, 2026, it includes approximately 130 MW of operating and under construction assets, as well as around 100 MW of projects currently under financing alongside a development pipeline of around 1.3 GW. Furthermore, this portfolio is completed by a BESS strategy that has been underway for several years and integrated into projects development, enabling future co-location of batteries with projects.

The financing will notably enable the refinancing of existing junior debt facilities and a revolving credit facility, as well as financing the equity needs to be injected to fund capital expenditures of projects expected to be reach operating stage within the next 12 to 18 months. This structure provides Watt&Co with enhanced financial flexibility to accelerate the deployment of its pipeline while strengthening its IPP strategy.

“This financing illustrates the positioning of our junior fund Arkéa Euro Impact Transition Infrastructure Debt 2, which aims for a positive impact by supporting the acceleration of the energy transition in Europe,” says Charlotte Lavit d’Hautefort Co-Head of the Infrastructure Transition Platform at Arkéa Asset Management.

"CIC Private Debt invested through its CIC Transition Infra Debt 2 fund, which focuses on financing experienced and integrated developers such as Watt&Co, whose impressive track record it has had the opportunity to appreciate." says Sylvie Chaussin, Head of Infrastructure Debt at CIC Private Debt.

The management of Watt&Co would like to thank its financing teams, and the whole Andera team for their support throughout this transaction.

Michael Tobelem, Lucas Marie, Blaise Saradin, respectively co-founder, Vice-President and Senior Analyst at Tevali Partners, commented: “We are proud to have supported Watt&Co in structuring this strategic financing. This transaction highlights our ability to design tailored financing solutions that address the specific challenges of fast-growing developers. It provides Watt&Co with the financial visibility and flexibility required to efficiently execute its pipeline and reinforce its positioning as an IPP.”

This transaction further demonstrates Tevali Partners’ ability to deliver bespoke financing solutions for renewable energy platforms, supporting their growth and long-term strategic ambitions.

Advisors involved in this financing included: 
- BCLP, lenders’ legal advisor and drafting of credit documentation 
- Bentam, sponsor’s legal advisor 
- 3E, technical advisor 

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.

Tevali Partners is proud to announce that it has advised Quaero Capital on the sale of 128 MW of operational wind energy and 60 MW of solar energy in development in France.

This transaction represents a significant milestone in the complete cycle of asset acquisition and divestment. Tevali Partners had previously advised Quaero Capital on the acquisition and initial financing of these assets, showcasing its expertise and ability to support clients throughout the entire investment lifecycle. The portfolio consists of a diversified set of 12 high-performing onshore wind farms, all located in France, comprising 49 modern turbines, alongside additional development projects. The portfolio also benefits from regulated pricing over 15 to 20 years, with a significant portion (between 30% and 60%) indexed to inflation.

Steven Kassab, co-founder of Tevali Partners, stated: "We are especially proud to have completed this transaction, not only due to the quality of the assets and the substantial value creation it represents, but also because we were able to support Quaero Capital throughout the entire cycle, from acquisition to sale. This long-term process allowed us to sell these assets under very favorable conditions, reaffirming the strength of our approach and our strong working relationships."

This transaction further solidifies Tevali Partners' position as a leading independent advisor for mid-cap transactions in the renewable infrastructure sector.

2023, robust activity with notable achievements.

In 2023, Tevali Partners underwent substantial transformation, driven by several especially noteworthy large-cap achievements.

A highlight of the year involved strengthening our partnerships with several key market players including Quaero Capital, CVE and Corsica Sole as well as welcoming new ones such as Q Energy, Altarea, and Infranity. These alliances strengthen our position as a boutique trusted advisor in the industry and reinforces brand and new visual identity. It aligns seamlessly with our strategic positioning and embodies our commitment to our core values of demanding excellence and expertise.

We successfully executed multiple major transactions, including Infranity’s minority stake acquisition in IEL (Iridium) and Q Energy’s sale of a 170 MW asset portfolio (Condor). The team also provided counsel to EnergieTeam in its refinancing operations of an asset portfolio of over 300 MW (Thoraga) and designed and structured an innovative €30M financing plan for CVE backed by a large solar portfolio under development (Praia).

In total, our team coordinated refinancing totaling €650M and facilitated M&A transactions with a value in excess of €2bn.

A resilient market within a challenging macroeconomic context

Our market analysis for 2023 revealed a landscape of evolving challenges and strategic shifts. A major point of concern is the continued market consolidation, as many players have integrated into larger groups this will constrain the future dynamics of the market. On the core infrastructure deals front, there has been a noticeable increase in liquidity costs impacting recent transactions. This economic pressure has led historical players in renewable infrastructure to pivot their investment strategies. Instead of continuing along traditional paths, they are now redirecting their investments through renewable asset platforms.

Up until mid-2023, the expected IRR by investors had not aligned with this shift in liquidity costs. The renewable energy infrastructure market had indeed shown a degree of resilience to these broader macroeconomic conditions. However, post-mid-2023, there has been a trend towards homogenization with other sectors, leading to a repricing of expected IRRs, now trending towards the high single digits. Additionally, a significant trend observed in the M&A processes is the prevailing presence of strategic investors (industrials) over financial investors (funds).

Tevali Partner' Outlook for 2024: a year of growth, innovation, and expanded market impact

As we enter 2024, Tevali Partners is poised for a year of growth and expanded capabilities. The beginning of the year marks the arrival of new team members and a strategic enhancement that positions us to extend our reach in mid-cap operations. This reinforcement of our team reflects our ongoing efforts to broaden our service offerings and deepen our impact on the market. A key focus for us in 2024 will be to build upon the groundbreaking transaction we facilitated for CVE. We intricately structured a bond financing model anchored to a portfolio of development projects. This success story not only showcases our expertise but also sets a precedent for future endeavours.

Currently, we are assisting a developer in securing financing and equity for a significant 600MW platform (mid to late stage development), signalling a promising opportunity for interested parties as we prepare to launch the consultation (interested parties are welcome to contact us). The first quarter of 2024 has already seen a robust deal flow, reflecting our growing team's dynamism and effectiveness. With a renewed identity that reflects our forward-thinking approach, Tevali Partners is well-equipped to face challenges and opportunities. We extend our gratitude to our clients and partners for their continued trust and look forward to forging stronger relationships and achieving shared successes in the year ahead.

2024 renewable energy M&A trends: shifting dynamics and emerging markets

The M&A market within the renewable energy sector is anticipated to undergo significant changes in 2024, particularly within private equity investments. A key factor driving this change is the rising cost of liquidity, which will likely constrain financing sources. Consequently, greater reliance is being placed on equity capital for investments, signifying a departure from leveraged strategies.

Additionally, the challenges faced by equity funds in raising capital from their LPs towards the end of 2022 and throughout 2023 are likely to manifest in 2024. This scenario will result in a more selective investment approach, with an increased tendency towards club deals among partner funds. Such collaborations could become a strategic way to pool resources and share risks, particularly in the face of tighter financing conditions.

Furthermore, 2024 is set to witness the strong emergence of new markets within the renewable energy sector, such as energy storage, energy efficiency, ecomobility, and hydrogen. These emerging fields offer substantial opportunities for diversification and expansion for companies engaged in the energy transition. This broadening of the market landscape not only provides new avenues for investment but also allows established players to expand their services and adapt to the evolving energy needs and technological advancements.

Overall, these factors collectively point towards a dynamic and potentially transformative year for M&A activities in the renewable energy sector.

Be stronger than your excuses! Go 2024!

Steven Kassab & Michael Tobelem
Founding Partners