Sonnedix And Sidenor Sign A 12-Year Power Purchase Agreement (PPA) Under The Spanish Export Credit Agency’s (Cesce) Guarantee

Chi Siamo
25 April, 2023

This is the first energy purchase agreement supported by the Spanish Reserve Fund for Guarantees of Electro-intensive Entities (FERGEI).

MADRID, Spain – Sonnedix, the international renewable energy producer, and Sidenor Aceros Especiales S.A., the European leader in the production of special long steel products, have signed a 12-year renewable power purchase agreement (PPA), with a guarantee granted by the Spanish Export Credit Agency (‘Cesce’).

This is the first energy purchase agreement signed with the support of the Spanish Reserve Fund for Guarantees of Electro-intensive Entities (FERGEI). The support program was implemented by the Ministry of Industry, Commerce and Tourism in collaboration with Cesce to support Spanish electro-intensive companies with the coverage of risks derived from the purchase and sale of the supply of electrical energy.

The renewable energy supplied under the PPA will come from the solar photovoltaic plant Sonnedix Fraile, which has a capacity of 36MW and is located in Herencia (Ciudad Real, central Spain). Supply began in March 2023 and will last for 12 years.

Alongside the PPA, Sonnedix financed the solar plant with Bankinter e ICO, which acted as interest rate hedge entity and Bondholders as agent entity. On this operation, Bankinter Investment has advised Bankinter.

Carlos Guinand, Executive Chairman of Sonnedix, added: “We are very proud to have achieved such a special agreement; it is not only our first corporate PPA in Spain, but also the first purchase agreement of an electro-intensive plant through a State-backed guarantee, which means a further step taken in terms of supporting and promoting the use of renewable energy in the country. It means we are actively participating in this change, fulfilling our role as a key agent in the Spanish energy transition. And we certainly hope to replicate this same structure with other electro-intensive customers in the country”.

José Antonio Jainaga, President of Sidenor, stated that: “With this agreement, we are taking a very important step in the decarbonisation strategy of our industrial processes, through the acquisition of renewable energy. We are very proud to have signed the first agreement with a State guarantee through Cesce, and we hope this operation paves the path to other electro-intensive producers who, like us, want to progress in their ESG commitments with a long-term commitment of profitability and sustainability”.

Present in Spain since its origins in 2009, Sonnedix currently has over 1.3GW of capacity in projects under operations, construction, and various development phases. The renewable energy producer continues expanding its platform through the acquisition and development of projects in Spain and other OECD markets.

Sidenor was advised by Deloitte Legal (legal advice on the PPA) and Deloitte Financial Advisory (financial and accounting advice on the PPA). Sonnedix was advised by Watson Farley Williams on financial documentation of the PPA and PPA guarantee, Kental Capital and Banco Sabadell on financial advice and PPA guarantee, and Auriga on interest rate hedge. The Financial entities have been advised by Ontier on the financial documentation and PPA guarantee, Ashurts on legal due diligence, G-Advisory on technical due diligence, Marsh on insurance, and EY on audit of the financial model.



About Sonnedix

Sonnedix is an international 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 9GW, including a development pipeline of over 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.

Sonnedix press contact:

Sobre Cesce

Cesce is the leader of a group of companies that offers comprehensive commercial credit management and surety bond and guarantee solutions in part of Europe and Latin America. It also acts as the Spanish Export Credit Agency (ECA), on behalf of the Spanish State, managing export credit insurance and medium and long-term risks coverage of electricity-intensive consumers. Cesce promotes the long-term growth of its more than 120,000 customers, providing them with intelligent solutions for commercial credit management, covering the entire business value chain – market prospecting, risk management and transfer, and access to financing – and surety solutions and guarantees that allow them to undertake new projects and businesses.

Cesce press contact

Jerónimo García: +34 609 668 013 /

About Sidenor

Sidenor is a leading industrial group in the production of special long steels. It has production centres in several regions of Spain - the Basque Country, Cantabria, and Catalonia - and has offices in Germany, France, Italy, and the United Kingdom.

The company is at the forefront of the sector thanks to its strong commitment to research. It has one of the largest R&D centres among European special Steel producers, in which it carries out technological developments for the creation of new products and for the optimization of its processes.

Sidenor press contact:

Patricia Loredo: +34 629 749 047 /