Sonnedix Announces Non-Recourse Refinancing of Part of Spanish Portfolio
/13th June 2018, Sonnedix/ Sonnedix, an independent solar power producer is pleased to announce the non-recourse refinancing of a portfolio of 12 photovoltaic plants in Spain with a total installed capacity of 30.4MWp at a total value of EUR 140 million. The transaction was executed under the existing joint venture with Q-Energy, which manages the Vela Energy portfolio and co-led the bond issuance. Sonnedix is the largest solar PV power producer in Spain, with an operating capacity in the country of 214 MW. The refinancing is part of Sonnedix’s long-term commitment to the Spanish market and is in line with Sonnedix’s growth strategy in Europe. “With over Euros 1.5bn in assets acquired over the last 12 months, integration and optimization of our growing fleet is paramount to achieving operational excellence” commented Andreas Mustad, CEO of Sonnedix.
“It’s a continuous commitment we make on a global scale, as we acquire, own and operate assets over the long term”. The financing was provided on behalf of its investors by Macquarie Infrastructure Debt Investment Solutions (MIDIS), Barings LLC, Schroders, Westbourne Capital and Edmond de Rothschild AM (UK), consisting of fixed-rate, senior secured bonds on a 19-year amortising basis. CaixaBank acted as Sole Global Coordinator and Sole Bookrunner for the issue.
Sonnedix was advised by Watson Farley & Williams (legal & tax). The bond investors were advised by Herbert Smith Freehills LLP (legal), G-Advisory (technical), Deloitte (model audit), and Willis (insurance).
More information about solar photovoltaic (PV) power market in Spain you may read here: Europe Solar Photovoltaic (PV) Power Market Outlook 2017 ÷ 2026
Sonnedix Power Holdings Limited (together with its subsidiaries, “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. For more information about Sonnedix, please visit www.sonnedix.com
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