Independent solar power producer Sonnedix has announced the non-recourse refinancing of a portfolio of 12 solar PV plants in Spain with a total installed capacity of 30.4 MWp at a total value of 140 million euros.
Courtesy of Sonnedix
The transaction was executed under the existing joint venture with Q-Energy, which manages the Vela Energy portfolio and co-led the bond issuance. Sonnedix is the largest solar PV power producer in Spain, with an operating capacity in the country of 214 MW. The refinancing is part of Sonnedix’s long-term commitment to the Spanish market and is in line with Sonnedix’s growth strategy in Europe.
The financing was provided on behalf of its investors by Macquarie Infrastructure Debt Investment Solutions (MIDIS), Barings LLC, Schroders, Westbourne Capital and Edmond de Rothschild AM (UK), consisting of fixed rate, senior secured bonds on a 19-year amortising basis. CaixaBank acted as Sole Global Coordinator and Sole Bookrunner for the issue.
“With over Euros 1.5 billion in assets acquired over the last 12 months, integration and optimisation of our growing fleet is paramount to achieving operational excellence” commented Andreas Mustad, CEO of Sonnedix. “It’s a continuous commitment we make on a global scale, as we acquire, own and operate assets over the long term”.