PARIS, France – Sonnedix, an independent solar power producer, has announced the completion of a non-recourse financing of five solar photovoltaic plants in France, with a total installed capacity of 55 MW, at a value of EUR 189million.
The financing included long-term bank debt and a debt service reserve facility in which CaixaBank, La Banque Postale, Société Générale and MUFG Bank, Ltd. acted as Lenders and Mandated Lead Arrangers. CaixaBank, La Banque Postale, Société Générale and MUFG Securities EMEA plc acted as Hedging Banks and La Banque Postale also acted as Facility Agent and Account Bank.
Acquired in April 2019, the five solar PV plants are located at car manufacturing facilities in different locations across northern France. Sonnedix currently has over 250MW operational capacity in France and a total controlled capacity of 1.7GW worldwide.
“This transaction is further testament to the strength of Sonnedix’s relationship with our lending banks – both international and local – as we optimize assets for the long term and integrate them into our global platform,” said Axel Thiemann, CEO of Sonnedix. “We continue to actively seek opportunities to expand our platform in France, through development and acquisition, as part of our wider growth strategy.”
Sonnedix was advised by Linklaters (Legal), Astris Finance (Financial) and Riverside (Hedging). The lenders were advised by Clifford Chance (Legal), Rina Consulting (Technical), Deloitte (Model audit) and Marsh (Insurance).
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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, builds, owns and operates solar power plants globally. For more information about Sonnedix, please visit www.sonnedix.com