HEDGE ADVISORY

A long-standing reference in the renewable sector  
RENEWABLES 
For more than 10 years, we have been working with renewables developers and investors of all sizes and across the globe.  As investors' growing appetite for this asset class puts yields under pressure, it becomes even more important,  to structure, negotiate and execute the optimal interest rate hedging strategy (or even prehedging strategy) for each project. 
INFRASTRUCTURE 
Over a decade of experience in the infrastructure sector
We help sponsors and developers of infrastructure projects to quantify and hedge their market risk exposures. Our in-depth knowledge of the infrastructure sector allows us to provide key support when structuring, documenting, negotiating and executing hedging strategies.
Protect your rate of return thanks to an optimized hedging strategy 
PRIVATE EQUITY
ESTER assists private equity investors seeking to secure their rate of return, both at fund level and at investment/project level.  We help your teams to analyse, structure and implement the interest rate and/or currency hedging strategy that matches their needs . 
REAL ESTATE
We take over the hedging workstream from initiation to closing 
ESTER assists many real estate investors, at an early stage  of  their transactions in order to ensure optimized financial condition including:  negotiations of execution costs, valuation of hedging instruments, counter-valuation of repayment indemnities, optimization of refinancing conditions, etc
BENEFIT FROM ESTER'S SUPPORT AT EVERY PHASE 

... AND ALL AROUND THE WORLD 

Chief Financial Officer

Renewable Energies company

For the project finance side of our job, we have chosen to strengthen our interest rates and foreign exchange risk management by working with ESTER. Reactive, efficient, easily accessible, ESTER’s consultants display a full mastery of the risk management techniques, sharp pricing capabilities, and a good sense of risk. The interaction with our teams, our legal advisor and our banking partners is very professional and ESTER keeps on coming up with new ideas to help cutting the costs efficiently. I do recommend ESTER wholeheartedly.

Director

Infrastructure Fund

In 2017, we asked ESTER to advise us on the interest rates risk management of a project in the field of telecom infrastructures. ESTER assisted us in the structuring of the hedge in a way that was well adapted to these specificities, with the dual purpose to limiting the risks carried by the project and to controlling transaction costs related to the adjustments of the hedges. Rigorous, technical, mindful of the immediate and future consequences of the different alternatives for the project, ESTER contributed in an efficient way to the discussions with our partner banks, giving us a good sense on the different optimization drivers. 

Finance & Accounting Manager

Company under LBO

In the course of the debt coverage, we asked ESTER for assistance in the accounting reporting of our derivatives. Their consultants provided us with rigorous reporting. They proved to be reliable, very didactic on their methods, transparent on the assumptions, eager to help us improve the transactions’ executions. Furthermore, they were attentive to our needs and offered innovative solutions. ESTER is a trustworthy partner that we strongly recommend.

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VP Finance, Renewables developper

Refinancing was efficiently and in a timely manner undertook.  [...] Impressed to see that sometimes there were less than one euro difference between ESTER's quotes and the banks' quotes

QUOTES

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General Manager, SPV

We chose to be assisted by ESTER for a major refinancing transaction (...).The quality of the service provided by ESTER far exceeded our expectations (...), and allowed the project to achieve significant savings.

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Partner, Infrastructure Fund

I am thankful to have worked with ESTER as a hedge advisor on this large-scale fibre transaction [...] Interest rate hedging was one of the most fluid workstream in the closing of the financing .