MADRID, Spain – Sonnedix, the global independent solar power producer (IPP), has announced the completion of a subordinated non-recourse financing of sixty-two (62) solar photovoltaic plants in Spain, with a total installed capacity of 154 MWp, at a value of EUR 154million.
The financing included long-term bank debt facilities in which ING, Nomura, and Santander acted as Mandated Lead Arrangers. Grupo Cajamar joined the MLAs to complete the syndicate of four lenders. ING and Santander acted as Hedging Banks and Santander acted as Facility Agent.
“This transaction, together with the recently-closed financing of another portfolio of 13 PV plants, contributes to the consolidation Sonnedix as the lead solar IPP in Spain” said Axel Thiemann, CEO of Sonnedix – “I am incredibly proud of our One Team of talented and dedicated people, driving business forward even under challenging circumstances, and giving Sonnedix a chance to contribute to the Spanish economic recovery”.
Sonnedix currently has over 330MW of operational capacity in Spain and a total controlled capacity of 1.9GW worldwide.
Sonnedix was advised by Santander as financial adviser, WFW as legal adviser, and Riverside Risk Advisors as hedging adviser. The lenders were advised by Linklaters as legal adviser for documentation, Cuatrecasas for the legal due diligence; G-Advisory for the technical due diligence and Equator Principles review, Marsh for insurance due diligence, and Deloitte for the model audit.
Sonnedix Power Holdings Limited (together with its subsidiaries, Sonnedix) is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally, including over 1GW of photovoltaic power plants in operation, as well as several hundred MW under development, in Italy, France, Spain, USA/Puerto Rico, Chile, South Africa and Japan.
For more information, please visit www.sonnedix.com.
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