Sonnedix announces €321m non-recourse financing

Solar power producer Sonnedix has announced the completion of €321 million non-recourse financing of 13 solar photovoltaic plants in Spain, with a total installed capacity of 63 megawatt peak (MWp).

Posted Tuesday, August 11th 2020
Sonnedix announces €321m non-recourse financing

Axel Thiemann

The financing included long-term bank debt facilities in which CaixaBank and BNP Paribas acted as global coordinators, bookrunners, and mandated lead arrangers (MLAs). Bankia also acted as MLA, and the syndicate of six lenders was completed by Triodos Bank, Abanca, and Liberbank in addition to the three MLAs. CaixaBank, BNP Paribas, Bankia, and Abanca acted as hedging banks and Bondholders acted as facility agent.

The portfolio includes seven plants acquired in 2017-2018, and six additional photovoltaic plants acquired this year in recent transactions.

Axel Thiemann, CEO of Sonnedix, said: “This transaction highlights the strength of Sonnedix’s relationship with our lending banks as well as our capacity to diversify and expand our pool of lenders and enhance our access to liquidity. In the current scenario, this is crucial for us, as we keep on expanding our platform in Spain, driving the country’s energy transition forward, and ensuring we become an actor in the Spanish economic recovery”.

Sonnedix currently has over 330 megawatts of operational capacity in Spain and a total controlled capacity of 1.9 gigawatts worldwide.

Sonnedix was advised by Watson Farley & Williams (WFW) and Riverside. The lenders were advised by Gómez-Acebo & Pombo, Garrigues, Cuatrecasas, G-Advisory, Vector Renewables, Marsh and Deloitte.

The WFW Madrid team advising Sonnedix was led by partner Rodrigo Berasategui, working closely with senior associate Juan Vicente Barquilla.