Sonnedix closed a €730 million financing deal for the refinancing, optimization and construction of renewable assets in Italy, Spain, Portugal and France.
The operation comprises photovoltaic plants with a combined capacity of approximately 540 MW and two battery energy storage systems. Italy accounts for the majority of the allocated resources, with more than 350 MW included in the transaction.
The company will use the financing to strengthen its platform in Southern Europe and accelerate the integration of BESS alongside its solar assets. The refinancing will also allow it to expand its hybridization strategy and develop new solutions for customers and electricity markets.
“This financing reflects Sonnedix’s commitment to developing high-quality renewable energy projects in our strategic markets,” said Axel Thiemann, CEO of the company.
The executive noted that the transaction follows the recent acquisition of a storage portfolio in Italy and accompanies the growth of Sonnedix's BESS capacity in Europe.
AIB, Crédit Agricole CIB, CIBC, ING, Intesa Sanpaolo, Sabadell, Santander CIB, Société Générale and UniCredit participated in the financing.
Crédit Agricole CIB and Santander CIB acted as co-financial advisors, while A&O Shearman provided legal advice. ING served as ESG coordinator, Centrus as hedging advisor, and Aurora Energy Research as energy market analysis provider.
The structure will allow for the refinancing of operating assets, the optimization of existing facilities, and support for the construction of new capacity. It also creates a financial foundation for incorporating storage at various points in the portfolio.
Italy is the focus of most of the operation
Italy accounts for more than 350 MW of the included capacity and remains one of Sonnedix's priority markets.
The company has been strengthening its presence in that country through acquisitions, solar development, and storage. The new financing will facilitate the integration of batteries with photovoltaic plants and improve the operational profile of those assets.
BESS systems will allow for the storage of some of the electricity produced during peak solar generation hours and its use at other times of the day. This capability increases the flexibility of power plants and reduces their exposure to low or negative prices.
The strategy will also extend to Spain, Portugal and France, where Sonnedix seeks to optimize existing assets and develop hybrid projects.
“This €730 million funding represents a significant milestone for Sonnedix, as it provides us with financial flexibility and the ability to accelerate our development in key markets,” said Miguel A. García Mascuñán, the company’s chief financial officer.
Sonnedix has a global platform of 12 GW , of which more than 4 GW are in operation , more than 1 GW under construction and nearly 6 GW in development .
The company has a presence in Chile, France, Germany, Italy, Japan, Poland, Portugal, Spain, and the United Kingdom. Its strategy combines acquisitions, the development of new projects, and the incorporation of storage facilities in OECD markets.
With this operation, Sonnedix strengthens its financial position and accelerates the evolution of its portfolio from exclusively solar assets towards hybrid projects with greater flexibility and management capacity.