Sonnedix Announces Refinancing of Part of its Spanish Portfolio
22 September 2017
MADRID, Spain – Sonnedix, an independent solar power producer is pleased to announce the non-recourse refinancing of a portfolio of photovoltaic plants in Spain with a total installed capacity of 18.17MWp at a total value of EUR 74 million.
The transaction was executed under the existing joint venture with Q-Energy, who manages the Vela Energy portfolio and who co-led the bond issuance.
The refinancing is an important milestone, given Sonnedix’s long-term commitment to the Spanish market and increasing presence there over the last twelve months.
The financing included fixed rate project bonds. CaixaBank and Deutsche Bank were the Global Coordinators, Mandated Lead Arrangers and Bookrunners for the issue.
The financing was provided by BRIDGE (managed by Edmond de Rothschild) and infrastructure debt funds managed by La Banque Postale Asset Management. BNP PARIBAS TRUST CORPORATION UK LIMITED acted as Trustee.
Sonnedix was advised by Linklaters (legal & tax). The bond investors were advised by Herbert Smith Freehills LLP (legal), G-Advisory (technical), Deloitte (model audit), and Willis (insurance).
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. For more information about Sonnedix, please visit www.sonnedix.com