Sonnedix lines up finance to continue PV spree in post-hurricane Puerto Rico

A Sonnedix plant in Italy. Sonnedix

Sonnedix has secured bank funding for PV projects in Puerto Rico, in a deal set to boost the renewable fleet of a territory forced to rebuild its energy system after a major hurricane in 2017.

Florida bank City National Bank acted as the lender of a US$15 million non-recourse financing facility for Sonnedix, while DLA Piper was legal adviser for the transaction.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

In a statement, company chairman Carlos Guinand said the fresh financing “demonstrates our long-term commitment to, and confidence in, Puerto Rico, through the provision of reliable, renewable energy supply, and also in terms of working in partnership with the community by supporting the local economy, providing employment opportunities and protecting the environment.”

Sonnedix has two operational plants on the island with a combined capacity of 73MW, with a further 50MW under development.

The firm's largest Puerto Rican PV operation, the 57.7MW Oriana plant, has been operational since 2016 and was able to withstand Hurricane Maria in 2017.

In July 2019, Siemens urged Puerto Rico utility and power regulator PREPA to scale up its solar and storage ambitions, in order to fortify the island's battered power grid against future hurricanes and ramp up power supply.

The consultants, invited to outline a new power mix for the island post-Hurricane Maria, recommended that PV additions were scaled up from a previously-proposed 720MW-1.2GW to 1.8GW by 2023. By the same year, they went on to advise, utility PREPA should deploy 920MW of battery energy storage.

Siemens suggested that the utility solicit PV projects via a series of 250MW request-for-proposal blocks, while battery projects could be allowed to bid as standalone or in combination with PV systems.

Puerto Rico is aiming for 100% renewable power by 2050.

Sonnedix, which announced the purchase of a 23MW Italian portfolio in late December, has been growing rapidly, having toasted the purchase or commissioning of major PV projects in France, Spain,and Chile over the past 12 months.

The prospects and challenges of Latin American and Caribbean solar and storage will take centre stage at Solar Media's Energy Storage Latin America, to be held in Colombia on 28-29 April 2020.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
15 October 2024
Santiago, Chile
The Summit will explore opportunities in countries such as Chile, Peru, Colombia, Argentina, Brazil and Mexico to name just a few. Key themes include policy & regulatory milestones, encouraging investment in the region, storage as a transmission asset, best practice for storage deployment, maximizing revenue from batteries and enhancing the supply chain.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Sydney, Australia