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

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
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.

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.

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

PV Tech Premium
July 1, 2022
PV Tech Premium spoke with Cypress Creek Renewable Energy and AES Clean Energy to discuss the newly formed US Solar Buyer Consortium, its objectives, market challenges and the potential advantages it holds for US manufacturing and project development.
June 29, 2022
A round-up of the latest news from the US solar market, including EDF Renewables selling its 270MWdc Huck Finn Solar Project to a local utility, CS Energy partnering to deliver New York community solar and NextEnergy Capital expanding its US presence.
June 29, 2022
The US solar industry added 17,212 jobs in 2021, up 5.4% on 2020 figures, with 40% of all US energy jobs now focused on the transition to a net zero economy, according to the Department of Energy’s (DOE) US Energy and Employment Report (USEER).
June 28, 2022
US solar tracker manufacturer Nextracker and steel producer BCI Steel have reopened the Bethlehem steel manufacturing factory in Leetsdale, Pittsburgh that will process steel and produce solar tracker equipment for utility-scale solar projects.
June 23, 2022
The world’s total solar capacity will reach 2,044GW by 2031, with China continuing to lead the way in deployment, making up nearly half (47%) of the world's 1,190GW net solar capacity additions through to 2031, according to research firm Fitch Solutions.
June 21, 2022
A newly formed consortium of four US solar companies has committed to spending US$6 billion on purchasing 6-7GW of crystalline silicon solar modules every year to encourage the rapid scaling of domestic solar manufacturing in the US.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event