Independent power producer (IPP) Sonnedix has reached financial close on a 102MW solar PV portfolio in Spain and Italy.
Consisting of four solar PV projects, all in the construction phase, the IPP closed a €67 million financing deal with Spanish and international financial institutions Banco Santander, Banco Sabadell, BBVA, Rabobank, CIBC, and NatWest.
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According to the IPP, the financial close falls within an existing financing platform designed to support the construction of renewable energy projects in several countries across Europe, including the UK.
Daniel Machuca, global head of project finance at Sonnedix, said: “This financing has been particularly complex due to its cross-border nature and the simultaneous closing in two jurisdictions. Its success was made possible thanks to very close coordination between teams and financial institutions, and it demonstrates our ability to design efficient solutions that support the development of our portfolio.”
In Spain, the financing will cover the Sonnedix Duquesa project, a 25MW PV plant located in the eastern Valencian community, which is expected to begin operations in the second half of this year. The project also represents Sonnedix’s hybridisation strategy as it will incorporate a battery energy storage system (BESS) at a later phase.
The remaining three projects, located in Italy, are part of the Dolce Vita portfolio which consists of 5 PV plants. The projects included in this financing round are the Sonnedix Latina 3 (38MW), the Sonnedix Cisterna (21MW), both located near the capital, Rome, and the Sonnedix Cascinetto (18MW) in northern Italy.
The Italian PV assets secured a 20-year contracts for difference (CfD) award through the FER X support scheme, which awarded nearly 8GW of PV capacity last year. Sonnedix’s managing director in Italy, Mario Volpe, recently spoke with PV Tech Premium about securing capacity in the FER X auction and the importance of this scheme (subscription required) for the Italian market, as well as the MACSE one for BESS.
