Sonnedix, an independent power producer, announced the acquisition of a 36 MW Solar project located in Herencia, Ciudad Real, Spain, from Impax Asset Management, who had earlier acquired the project rights in 2019.
The project, which recently achieved a commercial operation date, is expected to generate 78 GWh of clean electricity during its first year of operation, equivalent to powering over 23,000 households, avoiding the emission of almost 12,000 metric tons of CO2 per year.
This is the fourth acquisition by Sonnedix in Spain in 2022, where it currently manages 181 solar projects with a total capacity of up to 1 GW and a total operational capacity of almost 600 MW.
“I am excited to see the growth of our footprint in Spain, where we have been present since our founding in 2009,” said Axel Thiemann, CEO of Sonnedix. “Our team has done an exceptional job toward working together to optimize our portfolio as we evolve as key players in the Energy Transition in Europe.”
Canadian Solar Modules were used along with PV Hardware trackers and JEMA inverters. The EPC contract was designated to ELMYA, who will also serve as the Operations and Maintenance (O&M) for the first two years.
PWC managed the sale process. Impax was counseled by Gómez-Acebo & Pombo, and Ashurst counseled Sonnedix.
Earlier this month, Sonnedix acquired 262 MW solar PV projects in Portugal. The portfolio comprises seven ground-mounted projects under construction or late-stage development with a cumulative capacity of 262 MW throughout the country. The projects are expected to begin operations in the second half of the following year and the first half of 2024.
According to Mercom’s 9M and Q3 2022 Solar Funding and M&A Report, in 9M 2022, there were 207 project acquisitions for 52 GW compared to 200 projects acquired for 55.5 GW in 9M 2021.