Sonnedix has secured €730m ($840.9m) in financing to support the refinancing, optimisation and development of renewable energy assets in Italy, Spain, Portugal and France.
The bulk of the financing will be directed towards projects in Italy, accounting for more than 350MW of capacity.
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Overall, the funding covers photovoltaic (PV) plants totalling around 540MW and two battery energy storage system (BESS) assets across the four countries.
Sonnedix CEO Axel Thiemann said: “This financing reflects Sonnedix’s commitment to developing high-quality renewable projects in our strategic markets.
“It follows our recent BESS portfolio acquisition in Italy, and underscores the pace at which we are scaling our storage capabilities across Europe.”
According to Sonnedix, the transaction aims to advance its strategy of integrating BESS into solar power generation, further enabling its hybridisation plans and widening its customer base.
The financing involves participation from a consortium of banks comprising AIB, CACIB, CIBC, ING, Intesa Sanpaolo, Sabadell, Santander CIB, Société Générale and UniCredit.
The transaction supports Sonnedix’s continued expansion in southern Europe and advances the integration of battery storage within its asset portfolio.
Sonnedix CFO Miguel García Mascuñán said: “A €730m financing is a major milestone for Sonnedix, offering significant financial flexibility and capacity to accelerate our development pipeline across core markets.
“This also reflects the continued trust and confidence of our partners, and we are proud to continue building on these relationships.”
Crédit Agricole CIB and Santander CIB acted as co-financial advisors to Sonnedix, with A&O Shearman providing legal counsel.
ING served as environmental, social and governance coordinator, Centrus as hedging advisor, and Aurora Energy Research supplied energy market analysis.
Legal and technical advisors to the lenders were White & Case, DNV, Watson Farley & Williams, Morais Leitão and EY.
Sonnedix’s portfolio has a total capacity of 12GW, comprising more than 1GW of projects under construction, 4GW in operation and a development pipeline of 6GW.
Its activities span markets in Chile, France, Germany, Italy, Japan, Poland, Portugal, Spain and the UK.
Last month, Sonnedix acquired a 260MW BESS portfolio in Tuscania, Italy.
