Orrick Advises Amarenco on €65 Million Long-Term Debt Refinancing and Repowering

2 minute read | February.26.2026

Français: Orrick conseille Amarenco dans le cadre de son refinancement à long terme de 65 millions d’euros et de son repowering

Orrick has advised AFD7, a wholly owned subsidiary of AFR Finco Claudia and part of the Amarenco group, an independent power producer active in the solar and battery storage sectors, on its €65 million long-term debt refinancing and repowering of the Claudia battery energy storage facility in Saucats, France.

Claudia, Amarenco’s flagship battery energy storage facility, is now being upgraded to 2 hours of storage, doubling its energy capacity and significantly increasing its value for the power system. After repowering, Claudia will reach a total capacity of 94 MW / 188 MWh.

The refinancing includes:

a €46.9 million Term Loan Facility;
a €3.5 million VAT Facility;
an €11.5 million L/C Facility; and
a €3.22 million Debt Service Reserve Facility.

The finance parties include Société Générale and Coöperatieve Rabobank U.A. (as lenders, hedging banks, and with Société Générale also acting as agent and security agent).

Orrick also advised Amarenco on the preparation and negotiation of a tolling agreement provided by Engie. This work included advising on all regulatory aspects and on bankability issues.

The Orrick team included:

Paul Loisel (Partner), Laure Seror (Of Counsel), and Inès El Khettar (Junior Associate) in connection with financing aspects;
Yves Lepage (Partner), Christophe Lefort (Partner), Constance Boillot (Partner), Lek Regjepaj (Associate), and Selim Ayi (Junior Associate) in connection with public law and project contracts aspects; and
Cécile Mariotti (Partner), Olivier Jouffroy (Partner), Marc Diab Maalouf (Of Counsel), and Maïten Le Brishoual (Senior Associate) in connection with corporate and tax aspects.

Other advisors:

Borrower’s Advisors: Astris Finance (Financial Advisor), Ester (Hedge Advisor); and
Finance Parties’ Advisors: De Pardieu Brocas Maffei (Legal Advisor).

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D:+33 1 5353 7291
E: [email protected]

Practice:

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Paul Loisel Partner

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Paul's practice focuses on project finance and strategic acquisition transactions in energy and infrastructure.

He advises sponsors and financiers on large greenfield and brownfield project financings, both cross-border and domestic, primarily in France, in EMEA and Africa.

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Yves Lepage Partner, Energy & Infrastructure, Energy

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Yves Lepage Partner

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Recognized by Chambers as a notable practitioner in International projects, Energy and Africa, Yves is praised for his “very good sector experience and knowledge”, as well as his “enormous negotiating skills”. With 30 years' experience in PPP, international infrastructure projects and power industry projects, Yves regularly advises operators in both the public and private sectors, government entities and financial institutions for operations in Europe, Africa and Latin America. Recently, he has led a cross-border multidisciplinary team advising Actis, one of the largest and most active private equity firms operating in Africa, in its purchase of a majority interest in three power assets in Cameroon from Fortune 200 global power company AES Corporation.

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Christophe Lefort Partner, Energy & Infrastructure, Oil & Gas

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D:+33 1 5353 7207
E: [email protected]

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Christophe Lefort Partner

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For over 30 years, Christophe has advised public and private operators, government bodies, contractors and financial institutions on the construction and financing of major telecoms, energy (solar, renewable energy, biomass, etc.) and infrastructure (road, rail, port and airport, nuclear, etc.) projects in Europe, Africa and elsewhere.

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Constance Boillot Partner, Energy & Infrastructure, Energy

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Energy & Infrastructure Sector
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Constance Boillot Partner

Paris

Her practice covers the development of projects, particularly in the energy and infrastructure sectors, notably within the framework of public contracts such as concessions and PPP contracts, as well as the regulatory aspects of regulated activities. She also handles litigation in these sectors.

She advises both sponsors and lenders, and also works with public entities.

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Cécile Mariotti Partner, Tax, Mergers & Acquisitions

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D:+33 1 5353 8180
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Tax
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Cécile Mariotti Partner

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Cécile works with French and international corporate groups across various sectors, both public and private, as well as financial institutions and investment funds. She also represents clients in their dealings with tax authorities, including ruling requests and tax litigation. Additionally, she assists in the structuring and implementation of employee stock offerings and management packages.

Cécile teaches a seminar on the tax aspects of LBOs as part of the Master in International Taxation program jointly offered by Paris II Panthéon-Assas University and HEC. She is a member of the International Fiscal Association (IFA) and the Institut des Avocats Conseils Fiscaux (IACF), where she served on the Corporate Tax Committee until October 2020. She is also a member of the Tax Committee of France Invest and has been appointed as a rapporteur for France at the IFA Congress in Lisbon in 2025.

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Olivier Jouffroy Partner, Mergers & Acquisitions, Infrastructure

Paris

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Olivier Jouffroy Partner

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