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Sonnedix Obtains $842 Million Financing for European Renewables Growth

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Global renewables developer Sonnedix has closed 730 million euros ($842.1 million) in financing, it said on Tuesday, which will be used for refinancing of existing debt, optimisation and construction of assets in France, Italy, Portugal and Spain.

The financing will be used for PV projects with a combined capacity of about 540 megawatts and two battery energy storage systems. The largest portion of the funds will be spent in Italy, considering it represents about 350 MW of the total capacity of all projects.

The refinancing of these assets enables Sonnedix to expand its hybridisation strategy which will add storage to its existing PV portfolio, it said.

The financing was arranged with the participation of financial institutions AIB, CACIB, CIBC, ING, Intesa Sanpaolo, Sabadell, Santander CIB, Societe Generale, and UniCredit, the Sonnedix statement said.

Credit Agricole CIB and Santander CIB were co-financial advisors while ING acted as ESG coordinator.

Sonndeix has a portfolio of 12 gigawatts of projects, 1 GW of which is currently under construction and 4 GW in operation with most of the remainder in the company's upcoming project pipeline.

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