Sonnedix secures US$2.35 billion through refinancing deals to fund European growth

Facebook
Twitter
LinkedIn
Reddit
Email
The150MW solar plant in Tarouca, northern Portugal, is the company’s largest European plant to date. Image: Sonnedix.
The first refinancing deal was valued at €595 million (US$699 million), while the second amounted to €1.37 billion (US$1.6 billion). Image: Sonnedix.

Spanish independent power producer (IPP) Sonnedix has raised €2 billion (US$2.35 billion) through two refinancing transactions in Europe. 

The first refinancing arrangement, valued at €595 million, was completed in June 2025 and focused on supporting the development of Sonnedix’s 154MW portfolio in Spain. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The second transaction, completed in July, was worth €1.37 billion and included an ancillary facility. It refinanced 1,040MW of existing and new solar PV assets across France, Italy, Poland, Spain, and Portugal. 

According to the firm, the deals consolidated 12 separate project financings into two, creating a scalable debt platform to support strategic growth, hybridisation, and more efficient capital allocation. 

“Today’s refinancings are aimed at optimising our capital structure, lowering cost of capital, and reducing risk,” said Sonnedix’s chief financial officer, Miguel García Mascuñá.

The first refinancing arrangement was provided by Spanish financial services firm CaixaBank and comprised several non-recourse transactions, including project bonds. The second refinancing included several financial entities as mandated lead arrangers, such as Bank of China, Crédit Agricole CIB, HSBC, ING, Santander CIB, and Société Générale.

The transaction follows the US$3.4 billion fund raised by Sonnedix last year. Dubbed as “the largest refinancings in the company’s history”, the funds were dedicated to the development of nearly 1.3GW of renewable energy capacity.  The refinancing involved two transactions: a €750 million deal finalised in November, which consolidated a 197MW asset portfolio in Spain; and a €2.5 billion deal closed in December to refinance a 1.1GW portfolio spanning Spain, Italy, and France.  

With a total capacity of over 12GW, Sonnedix has a development pipeline of almost 7GW, across Chile, France, Germany, Italy, Japan, Poland, Portugal, Spain, the US, and the UK. Recently, Sonnedix began operations at the company’s largest European plant to date. Called Project Douro, it is a 150MW solar PV plant located in Tarouca, northern Portugal. 

Additionally, the firm signed a power purchase agreement (PPA) with national rail operator Renfe to supply 420GWh of renewable energy annually for its commercial operations. The PPA covers a significant portion of Renfe’s projected energy demand, supporting the company’s sustainability targets. The agreement was formalised at a signing ceremony in Madrid.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
10 March 2026
Frankfurt, Germany
The conference will 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 out to 2030 and beyond.

Read Next

September 24, 2025
Representatives from the EU, IEA and IRENA have signed an open letter to deliver a 'just and equitable energy transition'.
September 24, 2025
The development of India’s power transmission network is lagging behind the country’s rapid growth in renewable energy, leading to project delays and cost increases
Premium
September 24, 2025
European geopolitical tensions have exploited weaknesses in grid systems, leaving 55% of Europe’s grids vulnerable, according to Ember.
September 24, 2025
Spanish IPP Sonnedix has acquired five solar projects in Sicily and Lazio, Italy, with a combined capacity of 226MW.
September 23, 2025
European power purchase agreement (PPA) prices fell 0.6% between July and August this year, according to Swiss consultancy Pexpark.
September 23, 2025
Australia’s NEM set a new instantaneous renewables share record of 78.6% on 22 September, surpassing the previous day's record of 77.9%.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA