TSE énergie de confiance has acquired the remaining stake in TSE Finance 1, taking full control of a 95 MWp operating solar portfolio in France from Siloe Infrastructures Fund.

The vehicle owns two ground-mounted plants — Marville (77 MW) and Oxelaere (18.4 MW) — both commissioned in May 2021. Marville West sits on a former NATO base and spans 155 hectares, while Oxelaere is built on a reclaimed SNCF site. Combined, the portfolio produces roughly 179 GWh annually.

The insight is straightforward: TSE is internalizing a fully operational portfolio it already developed and operates, removing minority capital from stabilized assets.

This is a capital structure reset. Development risk is gone. Construction is complete. Revenues are proven. By buying out Siloe at the asset level, TSE consolidates cash flows and regains balance sheet flexibility. Full ownership improves refinancing optionality, dividend control, and long-term yield capture.

The signal is clear. As assets mature, developers are increasingly reversing earlier fund-level partnerships to retain operating income. With contracted, grid-connected portfolios trading at premiums, owning the full stack — development, construction, and operations — is back in focus.

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