New York, USA, 15 June 2020 – Sonnedix, the global solar independent power producer (IPP), and Natixis have successfully closed senior facilities totalling US$87 million for an expected 100 MWp portfolio of approximately 20 solar photovoltaic (“PV”) plants in Chile (the “Sonnedix PMGD Portfolio”).
The Sonnedix PMGD Portfolio consists of solar photovoltaic projects that operate under Chile’s special regime for distributed generation projects (the “PMGD” regime by its Spanish acronym). PMGD projects are entitled to be remunerated for their generation at a regulated stabilized price. The four initial solar PV plants in the Sonnedix PMGD Portfolio have total capacity of 25 MWp. The financing structure provides Sonnedix with the flexibility to add additional solar PV PMGD projects to the portfolio, subject to meeting pre-defined eligibility criteria. Sonnedix plans to add two new plants to the Portfolio, with combined capacity of 14 MWp, by June 2020, and projects with a further 61 MWp in combined capacity during the term loan availability period.
“This financing allows us to further expand our presence in the Chilean market and helps establishing Sonnedix as a strong contributor to the country’s long-term commitment to renewables and stable regulatory environment” said Axel Thiemann, CEO of Sonnedix. “We continue actively seeking opportunities to invest and develop projects that will help achieve key strategic goals for the country’s power system.”
“This marks the fourth PMGD loan portfolio term financing arranged by Natixis over the past 12 months; these transactions further consolidate Natixis’ leadership amongst financial institutions in the PMGD space”, said Aitor Alava, Managing Director, Head of Infrastructure Finance, Latin America at Natixis.
The PMGD regime was created in 2005 with the goal of incentivizing greener and more distributed electricity generation. The Sonnedix PMGD Portfolio contributes these goals, and more broadly to the country’s target of 20% of installed electricity generation capacity being from non-conventional renewable sources by 2025.
Natixis acted as Sole Lead Arranger, Hedge Provider, and Administrative Agent.
The legal teams of Milbank, Mayer Brown, Morales & Besa, and Guerrero Olivos supported the transaction.
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 1GW 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.
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.3 billion, a Basel 3 CET1 Ratio(1) of 11.4% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise – without phase-in
Figures as at 31 March 2020
Meredith Zaritheny, Prosek Partners 646 818 9251. firstname.lastname@example.org