Sonnedix, an independent solar power producer, acquired ARCO, an independent power producer in Chile. Arroyo Investors established ARCO to pursue investment opportunities in the renewable generation markets in Chile. The platform consists of 290 MW of solar and wind projects.
After this acquisition, Sonnedix has over 1 GW of total capacity in Chile and 7.4 GW globally. The company enters the wind generation space in Chile, where they have been present as a solar IPP since 2015.
Axel Thiemann, CEO of Sonnedix, said: “Sonnedix has been preparing for the next phase of the energy transition – providing green, affordable electricity targeted at our customers’ needs – this acquisition allows us to start to hybridize our generation profile, and is the first step in our journey to become a true customer-oriented, risk-balanced, renewable energy solutions provider.”
David T. Field, a Founding Partner at Arroyo, said: “Establishing and growing the renewables generation portfolio of assets within ARCO has been a milestone achievement for Arroyo. The transaction to sell ARCO to Sonnedix, a world-class renewables company, is a resounding achievement for both Arroyo and the strong leadership team at ARCO, affirming our collective vision and commercial execution.”
In June, Sonnedix completed the ownership transfer of its South African operations to BTE Renewables, a wind, and solar power producer, backed by global infrastructure investor Actis. The transaction includes the sale of Sonnedix Africa’s wholly-owned subsidiary, Sonnedix Solar South Africa.
According to Mercom’s 9M and Q3 2022 Solar Funding and M&A Report, in 9M 2022, there were 90 solar M&A transactions compared to 83 transactions in 9M 2021. Eolus, a renewable energy developer, recently signed an agreement to sell a 750 MW solar and battery storage project in Arizona, US. The project is Eolus’ third to be sold in the United States. The buyer is a United States-based portfolio company backed by a large publicly traded global private equity investment firm.
