TURIN, Italy – Sonnedix, an independent solar power producer, has announced the completion of a non-recourse financing of solar photovoltaic plants in Italy, at a value of EUR 160million.
The financing included a debt service reserve facility and long-term facility, which has been partially disbursed for the refinancing of 21 solar photovoltaic plants, with an installed capacity of 29.3MWp, located in several Italian regions. The remaining amount will be disbursed in the future as Sonnedix adds more solar photovoltaic plants to its portfolio.
Crédit Agricole Corporate and Investment Bank, Milan Branch acted as Mandated Lead Arranger, Green Loan Lead Coordinator and Lender, while Intesa Sanpaolo S.p.A., Société Générale, Milan Branch, and UBI Banca (part of Intesa Sanpaolo Group) acted as Mandated Lead Arrangers, Green Loan Co-Coordinators and Lenders. Intesa Sanpaolo S.p.A. also acted as Account Bank and Agent.
Sonnedix’s operating capacity in Italy has grown to 249.5MW during 2020. The refinancing is part of Sonnedix’s long-term commitment to the Italian market and is in line with Sonnedix’s growth strategy in Europe.
“This financing will enable us to continue to invest in the development and acquisition of new plants in Italy, supporting our position as a leading solar IPP in the country” said Axel Thiemann, CEO of Sonnedix. “We continue to build strong relationships with our lending banks – both international and local – as we develop, acquire, own and operate assets for the long term across our global portfolio.”
Sonnedix was advised by Orrick, Herrington & Sutcliffe (Europe) LLP (Legal), ValeCap (Financial Advisor), Riverside Risk Advisors (Hedging Advisor) and GMB Consulting (Prepayment Audit). The lenders were advised by Norton Rose Fulbright (Legal), Duff & Phelps REAG S.p.A. (Technical), KPMG (Model audit), RSM Studio Palea Lauri Gerla (Tax Advisory) and Marsh S.p.A. (Insurance).
Sonnedix Power Holdings Limited (together with its subsidiaries, Sonnedix) is a global solar Independent 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.
For more information, please visit www.sonnedix.com
Press contact: firstname.lastname@example.org