PARIS, France – Sonnedix France SAS, an independent solar power producer, is pleased to announce the completion of the non-recourse debt refinancing of a portfolio of six solar parks at a total value of Euro 203 million.
Sonnedix group ’s CEO Andreas Mustad commented “This is the largest solar PV financing completed in France this year and it demonstrates the strength and quality of our portfolio. The refinancing has allowed us to benefit from the current favourable market conditions, free-up cash, reinforce the long-term stability of our French fleet and create real value for our shareholders. We are delighted to extend our relationship with Natixis and add two new international-class lenders to our group”.
Emmanuel Gillet-Lagarde, Head of Europe at Natixis Global Infrastructure & Projects, said, “We are very pleased to have successfully closed this refinancing in a challenging timeframe. This is the result of a close cooperation with the company. This transaction strengthens our relationship with the Sonnedix group, which we intend to support in its development on a worldwide basis”.
The financing was provided by three mandated lead arrangers: Natixis, Banco Santander and The Bank of Tokyo-Mitsubishi UFJ, Ltd, a member of the MUFG Group. Natixis also acted as facility agent, account bank, documentation and technical bank, with Banco Santander as the insurance bank and The Bank of Tokyo-Mitsubishi UFJ, Ltd as the modelling bank.
The refinancing includes six ground-mounted PV projects with a total installed capacity of 57.3MWp located in France. All plants reached Commercial Operation Date (“COD”) between July 2011 and August 2012. The electricity produced is sold to EDF via 20-year Power Purchase Agreements that have an average remaining life of 16 years and two months as of January 2016.
Sonnedix was advised by Linklaters (legal advisor) and Astris Finance (financial advisor). The lenders were advised by Marsh (insurance), Deloitte (model audit), OST Energy (technical) and Clifford Chance (legal).
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
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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, owns and operates solar PV plants for the long-term, in France, Italy, Spain, the UK, South Africa, Chile, Puerto Rico and Japan. Sonnedix currently has a total controlled capacity of more than 1.7GW and has over 870MW in operation across the countries where it operates.
For more information about Sonnedix, please visit www.sonnedix.com