Sonnedix Announces Partnership and Acquisition of Controlling Interest in Cox Energy Chile SpA.
02 October 2017
SANTIAGO, Chile – Sonnedix, an independent solar power producer, is pleased to announce the acquisition of a controlling interest in Cox Energy Chile SpA and a strategic partnership agreement with Cox Energy involving the construction and operation of renewable energy projects in Chile.
Spain’s Cox Energy holds power supply contracts with 23 Chilean distribution companies through its subsidiary Cox Energy Chile SpA, totalling 264 GWh/year that will generate sustainable energy for consumers to meet Chile’s growing energy demand.
As a result of the acquisition, Sonnedix has secured a 20-year off-take commencing in 2022 and the option to acquire a 74 MW solar project that adds to its current development portfolio of more than 250 MW.
As part of the transaction, Sonnedix will partner with Cox Energy in managing a portfolio of operating assets that will become a platform for the development, operation and trading of solar power generation to sell electricity to clients in the Metropolitan Region. Under the agreement, the initial investment will be directed towards the construction of large scale facilities in Chile to supply the awarded power supply contracts in compliance with the tender process.
While Sonnedix has made several acquisitions and development investments in recent months to fulfil its strategy of deepening the company’s presence in OECD countries, this transaction is the first time the company has underwriten a 24 hour energy supply contract.
“This acquisition and its long-term power supply agreement with creditworthy off-takers marks a significant milestone for Sonnedix in Chile. The country has one of the highest solar irradiation profiles in the world and a highly competitive open electricity market. This step is consistent with our commitemnet in Chile and our long-term strategy to build, own and operate assets in OECD countries,” commented Pablo Pulido, Global Head of Development for Sonnedix.
“This important strategic agreement between Cox Energy and Sonnedix consolidates the Spanish company as one of the energy sector’s relevant players and reinforces its position to pursue its growth and worldwide expansion,” said Enrique Riquelme, President, Cox Energy.
Sonnedix was advised by Puentes Sur Outsourcing (finance) and Carey y Cía. Ltda (legal). Cox Energy was advised by Alantra (finance) and Correa Gubbins (legal).
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 600 MW 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 about Sonnedix, please visit www.sonnedix.com.
About Cox Energy
Cox Energy is a Spanish company in the non-conventional renewable energy industry (solar PV and wind power) that operates in countries with a high rate of growth in the clean energy sector. It is present in Latin America, Asia and Africa with over 3,000 MW of pipeline. Cox Energy signs agreements to bring strategic partners into the projects when they are ready for construction, and it retains an interest in these assets. Cox Energy’s partnerships with leading global business groups and its financial strength are allowing it to boost its expansion and diversify its markets and activities, in order to increase its value added of the whole business, including commercialization and distributed generation. For more information about Cox Energy, please visit www.coxenergy.com.