Global independent solar power producer Sonnedix has acquired a 17.7 MWP portfolio of five operating solar PV facilities in Sicily, from the joint venture established between Canadian Solar and Manni Energy.
Courtesy of Sonnedix
The portfolio, composed of ground-mounted PV plants, has a strong geographical synergy with Sonnedix’s existing Italian footprint. The plants are being integrated into Sonnedix’s portfolio in line with its long-term, operational excellence commitment. The acquisition takes Sonnedix’s operating capacity in Italy to 234 MW.
The energy produced by the PV plants is being sold through a 10-year PPA (Power Purchase Agreement) signed with TrailStone Renewables GmbH, making it one of the longest-term PPA for a fully unsubsidized solar portfolio signed to date in Italy. This marks the entry of Sonnedix in the Italian unsubsidised market and takes the company to the forefront of the market of post-FiT PPAs transactions.
“This is an important milestone for Sonnedix, as we continue to position ourselves as a long-term solar company and social citizens, in line with our growth strategy in Italy, and in OECD markets around the world” said Axel Thiemann, CEO of Sonnedix. “Sonnedix continues to seek opportunities to develop, own, and operate assets for the long term, as it expands its controlled capacity in OECD markets around the world, with 997 MW in operation, almost 450MW (446.5) under construction and about 430 MW (429.5) in late stage development.”
For this transaction, Sonnedix was advised by Orrick (Legal). The technical aspects were followed by Duff & Phelps REAG. For corporate and tax aspects, Sonnedix was advised by RSM Studio Palea Lauri Gerla.