London, UK – Sonnedix, a global renewable energy producer with over 3.5 GW of operating capacity, has secured EUR3.25 billion through two refinancing transactions in Europe. The transactions, the largest and most innovative refinancings in Sonnedix’s history, will be instrumental in accelerating the growth of the company’s renewable energy pipeline, including energy storage and hybrid projects.

The first transaction, completed in November, was provided by CaixaBank. Valued at circa EUR750 million, it refinanced Sonnedix’s regulated 197MW asset portfolio in Spain, consolidating seven financings into one.

The second transaction, worth EUR2.5 billion, was completed in December and refinanced a 1.1 GW portfolio of renewable energy assets in Spain, Italy, and France with the ability to expand the facility with new assets across Europe and the UK. The facility was provided by 15 commercial lenders and institutional investors, and was structured as a Green and Sustainability-Linked Loan. Crédit Agricole CIB and Santander CIB acted as co-financial advisors with A&O Shearman as legal advisor.

These watershed agreements mark a major milestone for Sonnedix, providing significant financial flexibility and capacity to accelerate its development pipeline. By refinancing existing assets, Sonnedix has also created a strong platform from which it can expand its power marketing and hybridization strategies, develop wind and storage assets alongside its solar PV projects, and reach new customers.

“These landmark refinancings underpin our growth plans and demonstrate the scale of our growing portfolio of assets in Europe and the market’s confidence in our business model and ability execute over the long term. They send a strong signal to our customers and partners of our unwavering commitment to work alongside them and drive sustainable, long-term solutions to achieve net zero. I’m particularly excited about the opportunities the transactions give us to deliver our power marketing and hybridization strategies that mark the next phase of growth for Sonnedix. These financings ultimately position us to better address the evolving needs of our customers for clean, reliable, and affordable energy.”

“Our innovative project and corporate financing capabilities have driven our strategy of doing larger, more flexible, portfolio-focused financings. These refinancings optimize our corporate structure, provide additional corporate liquidity and reduce risk. They are based on the strong banking relationships of Sonnedix and our sponsor and our ability to capture opportunities that drive sustainable growth. The strong financial support from global and regional lenders shows their confidence in Sonnedix’s business model and our ability to execute it.”

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Notes to Editors

The 15 commercial lenders and institutional investors supporting the second transaction are:

• Bookrunners and mandated lead arrangers include: ANZ, Bank of America, Bank of China, Crédit Agricole CIB, HSBC, Intesa Sanpaolo, NatWest and Santander
• Mandated Lead Arrangers include: ING, La Banque Postale and Goldman Sachs Asset Management
• Arrangers include: CIBC Capital Markets, Kutxabank, Sabadell and Unicaja
• Hedging counterparties are: ANZ, Bank of America, Bank of China, Crédit Agricole CIB, CIBC Capital Markets, HSBC, ING, Intesa Sanpaolo, La Banque Postale, Natwest, Sabadell, and Santander CIB.

On the first transaction, Sonnedix was advised by Watson Farley & Williams, Centrus as Hedging advisor and EY as tax and accounting advisor CaixaBank by Gomez-Acebo&Pombo as legal advisor and Deloitte as model auditor.

On the second transaction, Sonnedix was advised by Crédit Agricole CIB and Santander CIB as co-financial advisors, A&O Shearman as legal counsel, ING as Hedging and sole ESG coordinator, Centrus as hedging advisor, EY as tax and model auditor and Bondholders as agent and security agent.

The lenders were advised by White & Case as legal advisor, with Watson Farley & Williams acting for exiting lenders DNV as technical advisor and Howden as insurance advisor.

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 11GW, 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