MILAN, Italy – Sonnedix, an independent solar power producer, is pleased to announce the non-recourse debt refinancing of a portfolio of 23 photovoltaic plants in Italy with a total installed capacity of 47.3 MW at a value of EUR 157.8 million.

The financing included long-term bank debt and a debt service reserve facility. UBI Banca S.p.A., Banco Santander, S.A., Milan Branch, and Natixis S.A., Milan Branch acted as Lender and Mandated Lead Arranger. UBI Banca S.p.A. also acted as Facility Agent and Account Bank.

“This is an important milestone in our strategy for Italy as we structure the portfolio for its long-term operation” said Andreas Mustad, CEO of Sonnedix. “Our global fleet is continually optimized for operational and fiscal efficiency as we grow, to ensure we remain competitive as solar becomes an increasingly important contributor to the future of low carbon energy generation.”

Sonnedix was advised by Norton Rose Fulbright (legal), ValeCap (financial advisor), RSM Studio Palea Lauri Gerla (corporate and tax advisory), Riverside (hedging advisor) and GMB Finance. The lenders were advised by Ashurst (legal), EOS (technical), PWC (tax and model audit), and Marsh S.p.A. (insurance).