Sonnedix secures €321m in financing for 63MW solar portfolio in Spain

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Image: Sonnedix.

Independent power producer Sonnedix has completed €321 million (US$377.61 million) in non-recourse financing for 13 solar plants in Spain.

With a total installed capacity of 63MW, the portfolio includes seven plants acquired between 2017 and 2018, and six additional facilities bought this year.

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The syndicate of six lenders for the financing included CaixaBank, BNP Paribas, Bankia, Triodos Bank, Abanca and Liberbank.

Sonnedix CEO Axel Thiemann said the transaction highlights the company’s capacity to diversify and expand its pool of lenders and enhance its access to liquidity.

“In the current scenario, this is crucial for us, as we keep on expanding our platform in Spain, driving the country’s energy transition forward, and ensuring we become an actor in the Spanish economic recovery,” he said.

Sonnedix brought its Spanish solar portfolio up to a capacity of 330.7MWp last month after acquiring 22 ground-mounted plants that have been operational since between 2008 and 2013. The 74.7MW Eliantus portfolio was bought from private equity investor JZ International (JZI) and Elliott Advisors (UK).

In total, Sonnedix has more than 1GW of PV power plants in operation, as well as several hundred MW under development.

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