UK, London – Sonnedix, a global solar independent power producer, has closed a EUR 250 million corporate facility which will retire existing debt and enable further growth acceleration as Sonnedix actively acquires and develops new projects in OECD countries.

The financing was underwritten by three mandated lead arrangers: ING Bank N.V.; Natixis, and Banco Santander S.A., London Branch. The facility comprises a five-year, EUR 175 million term loan and a five-year EUR 75 million revolving credit facility.

Sonnedix currently controls more than 1.6 GW of solar PV capacity, with over 800 MW of operational capacity and 200 MW in construction. Sonnedix, which has grown five-fold in the last four years, has executed in excess of EUR 700 million in project refinancing in the last 12 months.

“We are very pleased with the successful closing of this facility, as it demonstrates Sonnedix’s excellent access to liquidity, support for our strategic focus and the confidence of our banking partners,” said Axel Thiemann, CEO of Sonnedix. “It underscores our long-term commitment to operational excellence and the momentum to expand our portfolio of assets.”

Diederik van den Berg, Managing Director and Global Lead Renewables & Power, ING Wholesale Banking, said “We are delighted to have closed this facility, which complements our already-strong relationship with Sonnedix and shows our confidence in its growth plans. The financing reflects our commitment to providing clients with innovative and collaborative solutions, and further boosts ING’s credentials in delivering a low-carbon economy.”

Emmanuel Gillet-Lagarde, Global Head of Infrastructure Finance, Natixis, said “We are very pleased to support Sonnedix in their global growth plan with this bespoke facility. This financing reflects the strong relationship we have with our client and our willingness to further contribute to their developments in the renewable energy sector with creative and tailor-made solutions.”

Fernando Dominguez de Posada, Executive Director, at Banco Santander, London Branch, said “We are pleased to have successfully closed this facility. We have again delivered value to our clients through an innovative structure providing the required flexibility that Sonnedix will need to develop its pipeline of projects, which is the result of close co-operation with the company. We look forward to further supporting the Sonnedix group with their global development.”

Sonnedix was advised by Norton Rose Fulbright LLP (legal advisor). The lenders were advised by KPMG (model audit), G-Advisory (technical) and Milbank LLP (legal).