Sonnedix has secured €2bn in a pair of transactions to refinance the developer’s solar portfolio across Europe.
The first transaction, valued at €595m, will refinance 154MW of Sonnedix’s portfolio in Spain.
The second €1.37bn transaction will refinance the developer’s 1.04GW portfolio across France, Italy, Poland, Spain and Portugal.
The two transactions consolidate 12 different project financings, in order to “optimize Sonnedix’s capital structure, lowing the cost of capital and reducing risk”, the company said.
The first refinancing arrangement was provided by CaixaBank.
The second transaction was supported by nine different commercial lenders, including the Bank of China, Crédit Agricole CIB, HSBC, ING, Santander CIB, Société Générale, Intesa SanPaolo, La Banque Postale, and Kutxabank
Sonnedix’s CEO, Axel Thiemann said: “As we scale our multi-technology portfolio, our team continues to find smarter, more flexible ways to structure larger, portfolio-level financings to enable us to invest in new growth opportunities, particularly in storage.
“By unlocking capital through refinancing, we can accelerate the build-out of clean energy projects, making a bigger impact, faster.”
Sonnedix’s Chief Financial Officer, Miguel García Mascuñá, added: “Today’s refinancings are aimed at optimising our capital structure, lowering cost of capital, and reducing risk.
“It’s particularly encouraging to see continued support from our existing banking partners, alongside new institutions. This reflects growing confidence in not only Sonnedix’s growth strategy, but also in the long-term value of well-structured, utility-scale renewable energy assets.”
