Sonnedix Acquires 42 MW Solar Project in Spain

Sonnedix, an independent solar power producer, announced the acquisition of a 42 MW ground-mounted solar PV project in Carpio del Tajo, Toledo, Castilla-La Mancha, Spain. The company acquired the project from Impax Asset Management.

The company has over 800 MW operational capacity in Spain, with a further 300 MW in construction and a development pipeline of roughly 300 MW. With this acquisition, Sonnedix’s operational capacity of projects in the market is expected to exceed 1 GW by the end of 2024.

The project reached its Commercial Operating Date (COD) in October 2023. The project is currently fully operational and expected to produce about 89 GWh of renewable-based electricity during its first year of operation.

Carsten Johansen, Head of the PE/Infrastructure Transaction Team at Impax Asset Management, said, “We are pleased to announce the conclusion of our construction program in Spain, where we have recently brought the 42 MW Portachuelo solar PV plant into operation. This transaction also concludes our exit program in Spain through our third fund where we have sold a combined 118 MW of solar PV projects.”

This acquisition is a part of the 78 MW solar project portfolio deal struck with Impax Asset Management in 2022. The deal also included the acquisition of a fully operational 36 MW solar PV project located in Herencia, Ciudad Real.

Sonnedix was advised on this transaction by Ashurst (legal) and Gadvisory (Technical Advisory), while Impax Asset Management was advised by Gomez Acebo & Pombo and PwC.

According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a quarter-over-quarter comparison, 13.7 GW of solar projects were acquired in Q4 2023.

Savion, a utility-scale solar and energy storage project developer, recently announced the completion of the 150 MW Cass County Solar Project sale to Ameren Missouri, an electric power utility company. Once operational, the project will supply electricity to the Midcontinent Independent System Operator (MISO) power grid.