Milan, Italy – Sonnedix, a leading renewable energy producer with over 3 GW of operating capacity, has signed a €260 million green loan to finance the acquisition and construction of renewable energy projects in Italy.

The loan, secured in December 2023, represents one of the largest solar project financing deals in the Italian market during the year. It follows the innovative EUR500 million loan facility also signed by Sonnedix in December, to finance the construction of its renewable energy pipeline in Europe and the UK.

The multi-borrower loan includes greenfield project finance for the construction of two photovoltaic plants located in Sicily and Sardinia with a total capacity of around 200MW, as well as an acquisition finance line of an operating asset.

The loan was granted by a pool of banks including Banco Bilbao Vizcaya Argentaria S.A. - Milan Branch, CaixaBank S.A., Italy Branch, La Banque Postale S.A. and Crédit Agricole Corporate and Investment Bank - Milan Branch (acting also as Agent and Issuing Bank). Banco Bilbao Vizcaya Argentaria S.A. - Milan Branch, CaixaBank S.A., Italy Branch and Crédit Agricole Corporate and Investment Bank - Milan Branch also acted as Global Green Loan Coordinator. As part of the financing transaction, Banco Bilbao Vizcaya Argentaria S.A., CaixaBank S.A., La Banque Postale S.A. and Crédit Agricole Corporate and Investment Bank also acted as Hedging Banks. Crédit Agricole Italia S.p.A. acted as Account Bank.

Sonnedix’s CEO, Axel Thiemann, said: “Since we first entered Italy in 2010, it has remained one of our key markets, and this loan will enable us to continue to convert our pipeline of over 1.5GW in Italy alone. The urgent need to accelerate the energy transition continues to drive more investment in renewable energy infrastructure than ever before. With our strong banking relationships and quality assets globally across 10 countries, Sonnedix is positioned better than ever before to deliver these projects at speed and at scale.”

Sonnedix’s CFO, Karen Boesen, said: “This loan demonstrates the confidence and trust our banking partners have in Sonnedix and the quality of our portfolio of renewable energy projects. We are grateful to work alongside financing institutions who share the same commitment to funding critical renewable energy infrastructure.”

On the transaction, Sonnedix was advised by international law firm Ashurst (legal) and Riverside Risk Advisors (hedging). Lenders were advised by Green Horse Legal Advisory (legal), EOS Consulting (technical), IPG-Lex&Tax (tax), Marsh (insurance), Valecap (financial modelling), Baringa (market) and KPMG (model audit).

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About Sonnedix

Sonnedix is a global renewable energy producer with over a decade-long trajectory of sustainable growth. Sonnedix develops, builds, and operates renewable energy projects for the long-term, with a focus on providing green, affordable electricity to our customers, and acting as a true social citizen there where it operates.

Sonnedix currently has a total capacity of over 10GW, including a development pipeline of more than 6GW, across Chile, France, Germany, Italy, Japan, Poland, Portugal, Spain, USA, and UK. The company continues to expand its global footprint across OECD countries, through acquisitions and development of renewable energy projects.

For more information, please visit www.sonnedix.com.

Media contact: comms@sonnedix.com / sonnedix@fticonsulting.com