Sonnedix and HSH Nordbank AG (“HSH”) announce the financial closing of long term non recourse project financing for the 24MW ground mounted Toul 3 solar plant located near the city of Nancy in north-eastern France.
HSH is underwriting the project financing for a total amount of Euro 90 million. The project started operation in August 2012. This 24MW plant is one of three adjacent solar plants forming the 115MW Toul-Rosieres solar park, the largest in Europe to date. ” We were very pleased with our experience in working with HSH on this project financing. This is one of the largest solar project financing in Europe this year. We look forward to continued cooperation with HSH in other large solar projects in the near future ” says Franck Constant, Chairman of Sonnedix. Toul 3 started producing solar generated electricity this summer, adding in excess of 26 GWh per year to Sonnedix European portfolio.
” The financing of Toul 3 represents an achievement for HSH Nordbank which gave us the opportunity to demonstrate our strong commitment towards key european renewable projects and this despite the current challenges among financial markets. We are very proud to working with Sonnedix who demonstrates highly professional and entrepreneurial values in line with our strategy ” said Romain PETEUIL, Senior Vice President, Renewable Energy with HSH.
Advisors of the transaction:
Legal: Linklaters advised the Sponsor and Norton Rose advised the Lender
Technical: Sgurr Energy
Financial Model Advisor: Green Giraffe Energy Bankers
Insurance: Filhet Allard and Audit Auxalis
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.
About HSH Nordbank:
With a track record of over 20 years in the energy industry HSH Nordbank is a leading financing partner focused on wind and solar projects across Europe. HSH Nordbank provide long term project finance, related liquidity management, risk management products and corporate finance services. HSH Nordbank is founding member of Dii, the industry consortium implementing the Desertec concept.