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.
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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.
