TURIN, Italy – Sonnedix, an independent solar power producer, has announced the completion of a non-recourse financing of solar photovoltaic plants in Italy, at a value of EUR 201.6million.

The financing included a debt service reserve facility and long-term facility, which has been partially disbursed for the refinancing of 41 solar photovoltaic plants, with an installed capacity of 61.8MWp, located in several Italian regions. The remaining amount will be disbursed in the future as Sonnedix adds more solar photovoltaic plants to its portfolio.

Banco Santander, S.A., Milan Branch, ING Bank N.V., Mediocredito Italiano S.p.A. (Intesa Sanpaolo Group) and Natixis S.A., Milan Branch acted as Lender and Mandated Lead Arranger. Banca IMI S.p.A. – the investment bank of Intesa Sanpaolo Group – acted as Agent while Intesa SanPaolo S.p.A. acted as Account Bank.

Sonnedix’s operating capacity in Italy has grown to 186MW during 2019. The refinancing is part of Sonnedix’s long-term commitment to the Italy market and is in line with Sonnedix’s growth strategy in Europe.

“This financing will enable us to continue to invest in the development and acquisition of new plants in Italy, where we remain very active,” said Axel Thiemann, CEO of Sonnedix. “We continue to build strong relationships with our lending banks – both international and local – as we develop, acquire, own and operate assets for the long term across our global portfolio.”

Sonnedix was advised by Norton Rose Fulbright (Legal), ValeCap (Financial Advisor), RSM Studio Palea Lauri Gerla (Corporate and Tax Advisory), Riverside Risk Advisors (Hedging Advisor) and GMB Finance. The lenders were advised by Ashurst (Legal), Duff & Phelps REAG S.p.A. (Technical), KPMG (Tax and model audit), and Marsh S.p.A. (Insurance).