Sonnedix acquires 38 MW Spanish solar power portfolios

Power producer Sonnedix has boosted its operating capacity in Spain by 38.2 megawatts (MW) through the acquisition of two solar power portfolios.

Posted Tuesday, December 24th 2019
Sonnedix acquires 38 MW Spanish solar power portfolios

Axel Thiemann

A Sonnedix statement said a portfolio of 21 operating solar photovoltaic plants with a combined capacity of 26.9 MW was acquired from a “top tier global asset manager” and a portfolio of nine operating solar PV plants with a combined capacity of 11.3 MW was acquired from Perwyn, a family-funded investment firm.

The acquisitions take Sonnedix’s operating capacity in Spain to 252 MW. The newly acquired assets consist of rooftop, greenhouse and ground-mounted solar plants located across “high irradiation regions” in Spain.

Sonnedix was advised by Watson Farley & Williams, EY and ATA on both transactions. The sellers were advised by KPMG, PwC, Cuatrecasas and Araoz & Rueda.

Axel Thiemann (pictured), CEO of Sonnedix, said: “These acquisitions mark our return to the Spanish secondary market and complement our overall growth strategy as we actively seek to develop, acquire and operate other projects for the long term in OECD countries around the world.”

Andrew Wynn, managing partner of Perwyn, said: “We are delighted to have contributed to the development of this exciting sector in Spain and to sell our assets to a very high quality owner in Sonnedix, who have been a pleasure to engage with throughout this process. We have had an excellent experience investing in Spain alongside our highly professional partners at Aurea Capital Partners.”

Aurea Capital Partners, investment manager and partner in both portfolios, has led the origination, acquisition, refinancing and divestment process from the sellers' side.