Solar power producer Sonnedix has announced the signing of a transaction to acquire the 136 MWp Vela Portfolio in Spain, consisting of 43 operating and financed solar PV plants.
Sonnedix will acquire Vela Portfolio from Centerbridge Partners, making the company the second largest solar PV player in Spain. The transaction is expected to close in the first quarter (Q1) of 2017 and will bring Sonnedix’s total operating capacity to almost 500 MW globally.
As part of the transaction, Sonnedix and the management team that worked with Centerbridge to build and operate the portfolio have entered into a partnership to continue to acquire solar PV assets in Spain and beyond. In addition, the two companies have agreed to explore additional opportunities for further collaboration in Europe.
“The acquisition of the Vela Portfolio and the re-entering of the Spanish Solar PV market is an important milestone for Sonnedix said Axel Thiemann, Sonnedix’s Executive Vice President of Commercial. “The acquisition comes with an important pipeline, increases our global capacity to almost 500MW and demonstrates our long-term commitment to continued growth”
Lars Meyer, on behalf of Centerbridge, added that the company is pleased that the portfolio is being acquired by Sonnedix, which has a distinguished track record.
Sonnedix was advised by Uria Menendez (legal), Enertis (technical) and KPMG (accounting / tax). Centerbridge Partners was advised by Bank of America Merrill Lynch (financial), Linklaters, Cuatrecasas, Gonçalves Pereira (legal), G-Advisory (technical) and Deloitte (accounting). The company is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market, developing, building, owning and operating solar power plants globally
Centerbridge Partners, L.P. is an alternative investment management firm employing a flexible approach across complementary investment disciplines, private equity and credit, distressed strategies & special situations. As of January 2017, the Firm has approximately $29 billion in capital under management with offices in New York and London.
Note: Image is actually of Oriana solar farm in Puerto Rico which Sonnedix helped to build (Sonnedix)