London, UK – Sonnedix, a global renewable energy producer with over 4GW of operating capacity, has secured EUR2 billion through two refinancing transactions in Europe.
The transactions follow the EUR3.25 billion secured in December last year and bolster the Company’s financial flexibility and capacity required to scale its multi-technology portfolio, spanning solar, storage, and wind, across Europe.
The first refinancing arrangement, completed in June, was provided by CaixaBank and comprised several non-recourse transactions including project bonds. Valued at EUR595 million, it refinanced 154MW in Sonnedix’s regulated Spanish portfolio. Meanwhile, the second transaction, worth EUR1.37 billion along with ancillary facility, was completed in July, refinancing 1,040MW of existing and new solar PV assets across France, Italy, Poland, Spain and Portugal.
The deals consolidate 12 separate project financings into 2 to create a scalable, future-proofed debt platform which will allow the company to enhance its portfolio through strategic additions and hybridisation, while financing further growth through efficient capital allocation.
A diverse group of 10 credible lenders were involved in the re-financing transactions, including both existing and new partners.
Sonnedix’s CEO, Axel Thiemann said:“Sonnedix’s project financing capabilities continue to go from strength to strength, demonstrated by these latest refinancings. As we scale our multi-technology portfolio, our team continues to find smarter, more flexible ways to structure larger, portfolio-level financings to enable us to invest in new growth opportunities, particularly in storage. By unlocking capital through refinancing, we can accelerate the build-out of clean energy projects, making a bigger impact, faster.”
Sonnedix’s Chief Financial Officer, Miguel García Mascuñán, said:“Today’s refinancings are aimed at optimising our capital structure, lowering cost of capital, and reducing risk. They adopt a similar structure to our largest, most innovative refinancings announced in December 2024, where we secured EUR3.25 billion. It’s particularly encouraging to see continued support from our existing banking partners, alongside new institutions. This reflects growing confidence in not only Sonnedix’s growth strategy, but also in the long-term value of well-structured, utility-scale renewable energy assets.”
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Notes to Editors
The 9 commercial lenders supporting the second transaction are:
On the first transaction, Sonnedix was advised by Watson Farley & Williams as legal counsel and Centrus as hedging advisor. Caixabank was advised by EY as tax and accounting advisor, Gomez-Acebo&Pombo as legal advisor, G-Advisory as technical advisor, and Deloitte as model auditor.
On the second transaction, Sonnedix was advised by Crédit Agricole CIB and Santander CIB as co-financial advisors, A&O Shearman as legal counsel, ING as sole ESG coordinator, HSBC as hedge coordinator, Centrus as hedging advisor, EY as tax and model auditor, Bondholders as agent and security agent and Aurora Energy Research as the energy market analytics provider. The lenders were advised by White & Case as legal advisor and DNV as technical advisor.
About Sonnedix
Sonnedix is a global renewable energy producer with over a decade-long trajectory of sustainable growth. Sonnedix develops, builds, and operates renewable energy projects for the long-term, with a focus on providing green, affordable electricity to our customers, and acting as a true social citizen there where it operates.
Sonnedix currently has a total capacity of over 12GW, including a development pipeline of almost 7GW, across Chile, France, Germany, Italy, Japan, Poland, Portugal, Spain, USA, and UK. The company continues to expand its global footprint across OECD countries, through acquisitions and development of renewable energy projects.
For more information, please visit www.sonnedix.com
Media contact: comms@sonnedix.com / sonnedix@fticonsulting.com