Sonnedix, an independent solar power producer, has acquired a portfolio of 26 MW of operational solar projects in Spain.
The portfolio comprises three projects, totaling 11 solar photovoltaic (PV) sub-projects across different regions in Spain, including Aragón, Castilla, León, Castilla la Macha, and Murcia.
The projects are expected to generate 44 GWh of clean energy during the first year of operations, equivalent to powering over 13,000 households, avoiding the emission of almost 7,000 metric tons of CO2 annually.
“This transaction aligns with our long-term business strategy of providing green, affordable electricity to our customers,” said Axel Thiemann, CEO of Sonnedix. “Spain’s position in the Energy Transition provides us the foundation to overcome the challenges of market volatility while counting on regulated assets.”
Sonnedix was advised by Eversheds Sutherland on the legal, due diligence, and sales and purchase agreement (SPA) negotiation, Vector Renewables on the technical due diligence for all three projects, and EY on the financial due diligence for one of the projects.
Cuatrecasas Zaragoza and Ad Solar advised the sellers on the SPA negotiation.
Sonnedix’s total operational capacity in Spain has reached over 630 MW with the acquisition.
The company currently manages over 180 solar projects in Spain with a total capacity of over 1.3 GW, including a development pipeline.
In December 2022, Sonnedix acquired five solar photovoltaic projects totaling 300 MW in the UK from Lightsource bp, a London-headquartered solar project developer. The projects are expected to be operational in 2024.
In November 2022, Sonnedix also 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.
According to Mercom’s recently released Annual and Q4 Solar Funding and M&A Report, there were 268 large-scale solar project acquisitions in 2022 compared to 280 transactions in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers picking up the most, acquiring 35.7 GW. Solar project acquisitions in terms of GW were at the second-highest level ever.