Sonnedix Acquires 112 MW Solar PV Portfolio in Spain

Independent power producer, Sonnedix has acquired a 112 MW solar photovoltaic (PV) portfolio from Circle Energy, Faleuma, and Ríos Renovables.

The portfolio consists of seven photovoltaic projects located in Valladolid, Castilla y León in north-western Spain. All projects are in a well-advanced development stage. The construction undertaken by EPC contractor Ríos Renovables is expected to commence in the last quarter of 2021.

Axel Thiemann, CEO of Sonnedix, said: “This acquisition is testament to Sonnedix’s commitment to the Spanish market and further demonstrates our appetite for growth in this and other OECD countries. We are very proud of our active role in pushing the energy transition forward and expanding the use of clean, renewable energy. ”

Sonnedix currently has an operational capacity of over 4.6 GW worldwide, including a development pipeline of more than 2 GW. In Spain, it operates more than 150 projects, totaling 365 MW, and has almost 770 MW under construction or various stages of development.

Sonnedix was advised by Linklaters and Vector Renewables on this transaction. Araoz y Rueda advised Circle Energy, Faleuma, and Ríos Renovables.

Recently, the company completed the acquisition of an 11.4 MW solar PV portfolio in Italy from the Swiss company ZHC Holding. The portfolio consists of 10 ground-mounted solar PV projects in operations since 2010/2012.

In May 2021, Sonnedix acquired a 22.3 MW portfolio of solar PV projects in Italy from Spanish IPP Solarig. The portfolio comprises 18 ground-mounted solar PV projects, all of them in operations since 2010/2011 and under the Italian Conto Energia feed-in tariff system.

Sonnedix, along with Cox Energy América, a solar energy company, closed a $120 million financing from Sumitomo Mitsui Bank Corporation through the joint venture Sonnedix Cox Energy Chile, on which Sonnedix holds a 70%, while Cox Energy América has the remaining 30%.

Sonnedix Japan, the Japanese subsidiary of Sonnedix, achieved a financial close of €172 million (~$209 million) to refinance a 55 MW solar project – Sonnedix Hitachi Juo, from MUFG Bank, Joyo Bank, and seven co-financing regional banks. The company also completed a JPY 5.45 billion (~$50.16 million) project financing with the Bank of Fukuoka. The financing covers a 14 MW solar PV project acquired in October 2020 from global PV developer X-Elio.

According to Mercom’s 1H and Q2 2021 Solar Funding and M&A Report, 53 large-scale solar project acquisitions were made (12 disclosed for a combined total of $1.4 billion) in Q2 2021 compared to 82 transactions (nine disclosed for $854 million) in Q1 2021.

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