Independent power producer Sonnedix will ramp up investment in Europe through a new partnership with a fund managed by French asset manager Amundi.
The collaboration between Sonnedix and Amundi Energies Vertes (AEV) will include an initial €50 million (US$59.5 million) investment in the European PV market as well as a commitment to spend a similar amount in projects developed or acquired by Sonnedix through a dedicated platform.
The initial transaction, expected to close by the end of 2020, consists of a mix of operating assets across several European countries. Sonnedix had yet to clarify which European markets would be subject to the agreement when questioned by PV Tech.
“It is through strategic partnerships like this that we are capable of continuous sustainable growth, putting our ESG standards and practices at the forefront of our business,” said Carlos Guinand, executive chairman of Sonnedix.
Having started operations in Europe in 2009, Sonnedix now has an asset base exceeding 900MW in the continent, spread across four countries: Spain, France, Italy and the UK.
Spain is the company’s largest market, with 119 solar PV plants in operation with a total capacity of 333MW. The firm bought a 74.7MW portfolio of Spanish PV plants earlier in the year before going on to complete €321 million in non-recourse financing for 13 solar plants in the country.