Sonnedix, an independent solar power producer, acquired an operating portfolio of 22 solar PV projects totaling 36.8 MW in Spain from Madrid-based private equity manager Kobus Partners.

The financial details of the transaction were not disclosed.

Sonnedix currently has over 1 GW of solar projects in Spain, including around 415 MW in operations, 65 MW under construction, and a development pipeline of over 700 MW.

“We are very excited to see more sustainable growth in our Spanish platform,” said Axel Thiemann, CEO of Sonnedix. “After yet another challenging year where our phenomenal team has been working relentlessly to continue harnessing the power of the sun to build a bright future. And this is just the beginning, as we continue growing our platform sustainably and playing a key role in the Spanish energy transition,” he added.

London-based law firm Watson Farley and Williams (WFW) served as the advisor to Sonnedix on legal and tax due diligence and share purchase agreement negotiations. Consultancy Vector Renewables advised on the technical due diligence.

Acron Beka advised Kobus Partners as M&A advisor, Deloitte Legal on the legal and financial due diligence and negotiation of the SPA, Garrigues on the tax due diligence, Altermia on the technical due diligence, and Aon on the insurance.

Recently, Sonnedix completed the acquisition of a 5.6 MW operational portfolio in the city of Borna (Saxony) and Hegnenbach (Bavaria), Germany, from Danish investors. Both projects have been in operation since 2005 (Borna) and 2008 (Hegnenbach) and benefit from the EEG feed-in-tariff regime.

Sonnedix has acquired approximately 2.4 GW of solar projects since 2012.

According to Mercom’s funding report, solar projects developers were the most active project acquires in Q3 2021, picking up 8.3 GW, followed by Investment Firms.