Sonnedix, a global solar independent power producer, has closed a US$283 million corporate facility, which will retire existing debt and enable further growth acceleration as Sonnedix looks to acquire and develop new projects in OECD countries.
The financing was underwritten by three mandated lead arrangers: ING Bank N.V.; Natixis, and Banco Santander S.A., London Branch. The facility features a five-year, US$198 million term loan and a five-year, US$84 million revolving credit facility.
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Sonnedix currently controls more than 1.6GW of PV capacity, with over 800MW of operational capacity and 200MW in construction.
Axel Thiemann, CEO of Sonnedix, said: “We are very pleased with the successful closing of this facility, as it demonstrates Sonnedix’s excellent access to liquidity, support for our strategic focus and the confidence of our banking partners. It underscores our long-term commitment to operational excellence and the momentum to expand our portfolio of assets.”
Diederik van den Berg, managing director and global lead renewables & power, ING Wholesale Banking, added: “We are delighted to have closed this facility, which complements our already-strong relationship with Sonnedix and shows our confidence in its growth plans. The financing reflects our commitment to providing clients with innovative and collaborative solutions, and further boosts ING’s credentials in delivering a low-carbon economy.”
