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Sonnedix Announces  €321 Million Non-Recourse Financing of 63MW Portfolio in Spain

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Sonnedix has completed non-recourse financing of 13 solar photovoltaic plants in Spain, with a total installed capacity of 63 MWp, at a value of  €321million.
Sonnedix Announces  €321 Million Non-Recourse Financing of 63MW Portfolio in Spain

The portfolio includes seven plants acquired in 2017-2018, and six additional PV plants acquired this year in recent transactions.

"This transaction highlights the strength of Sonnedix's relationship with our lending banks as well as our capacity to diversify and expand our pool of lenders and enhance our access to liquidity," said Axel Thiemann, CEO of Sonnedix. "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."

Sonnedix currently has over 330MW of operational capacity in Spain and a total controlled capacity of 1.9GW worldwide.

The financing included long-term bank debt facilities in which CaixaBank and BNP Paribas acted as global coordinators, bookrunners, and mandated lead arrangers. Bankia joined them as mandated lead arranger, and the syndicate of six lenders was completed by Triodos Bank, Abanca, and Liberbank in addition to the three MLAs. CaixaBank, BNP Paribas, Bankia, and Abanca acted as hedging banks and Bondholders acted as facility agent.

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