Sonnedix has secured more than €3bn through two refinancing transactions in Europe.
The €3.25bn transactions, the largest in Sonnedix’s history, will be instrumental in accelerating the growth of the company’s renewable energy pipeline, including energy storage and hybrid projects, the company said.
The first transaction, completed in November, was provided by CaixaBank.
Valued at circa €750m, it refinanced Sonnedix’s regulated 197MW asset portfolio in Spain, consolidating seven financings into one.
The second transaction, worth €2.5bn, was completed in December and refinanced a 1.1GW portfolio of renewable energy assets in Spain, Italy, and France with the ability to expand the facility with new assets across Europe and the UK.
The facility was provided by 15 commercial lenders and institutional investors, and was structured as a Green and Sustainability-Linked Loan. Crédit Agricole CIB and Santander CIB acted as co-financial advisors with A&O Shearman as legal advisor.
These watershed agreements mark a major milestone for Sonnedix, providing significant financial flexibility and capacity to accelerate its development pipeline.
By refinancing existing assets, Sonnedix has also created a strong platform from which it can expand its power marketing and hybridization strategies, develop wind and storage assets alongside its solar PV projects, and reach new customers.
Sonnedix’s chief executive Axel Thiemann said: “These landmark refinancings underpin our growth plans and demonstrate the scale of our growing portfolio of assets in Europe and the market’s confidence in our business model and ability execute over the long term.
“They send a strong signal to our customers and partners of our unwavering commitment to work alongside them and drive sustainable, long-term solutions to achieve net zero.
“I’m particularly excited about the opportunities the transactions give us to deliver our power marketing and hybridization strategies that mark the next phase of growth for Sonnedix.
“These financings ultimately position us to better address the evolving needs of our customers for clean, reliable, and affordable energy.”
Sonnedix’s head of project finance in Europe, Daniel Machuca, said: “Our innovative project and corporate financing capabilities have driven our strategy of doing larger, more flexible, portfolio-focused financings.
“These refinancings optimize our corporate structure, provide additional corporate liquidity and reduce risk.
“They are based on the strong banking relationships of Sonnedix and our sponsor and our ability to capture opportunities that drive sustainable growth.
“The strong financial support from global and regional lenders shows their confidence in Sonnedix’s business model and our ability to execute it.”