Spain’s Cox Energy holds power supply contracts with 23 Chilean distribution companies through its subsidiary Cox Energy Chile SpA, totalling 264 GWh/year that will generate sustainable energy for consumers to meet Chile’s growing energy demand.
As a result of the acquisition, Sonnedix has secured a 20-year off-take commencing in 2022 and the option to acquire a 74 MW solar project that adds to its current development portfolio of more than 250 MW. As part of the transaction, Sonnedix will partner with Cox Energy in managing a portfolio of operating assets that will become a platform for the development, operation and trading of solar power generation to sell electricity to clients in the Metropolitan Region. Under the agreement, the initial investment will be directed towards the construction of large scale facilities in Chile to supply the awarded power supply contracts in compliance with the tender process.
While Sonnedix has made several acquisitions and development investments in recent months to fulfil its strategy of deepening the company’s presence in OECD countries, this transaction is the first time the company has underwriten a 24 hour energy supply contract.
“This acquisition and its long-term power supply agreement with creditworthy off-takers marks a significant milestone for Sonnedix in Chile” said Pablo Pulido, Global Head of Development for Sonnedix. “The country has one of the highest solar irradiation profiles in the world and a highly competitive open electricity market. This step is consistent with our commitment in Chile and our long-term strategy to build, own and operate assets in OECD countries”.
Enrique Riquelme, President, Cox Energy, added that the agreement reinforces the company’s position to pursue its growth and worldwide expansion.
Sonnedix was advised by Puentes Sur Outsourcing (finance) and Carey y Cía. Ltda (legal). Cox Energy was advised by Alantra (finance) and Correa Gubbins (legal).
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