Sonnedix Japan, on behalf of Sonnedix, an independent solar power producer, has reached a financial close on its 45 MW Sonnedix Koriyama solar PV project in Japan. The financing was provided by The Bank of Fukuoka and other regional banks for a total facility size of over JPY 18.7 billion (~$158 million).
The project was acquired by Sonnedix Japan in early 2017, while it was under development stage and is currently under construction, with the scheduled commercial operation date by early 2024.
Sonnedix Japan currently manages a total portfolio of over 590 MW, on behalf of Sonnedix, out of which more than 300 MW are currently under construction or in various stages of development.
“Transactions like these further demonstrate our long-term commitment, optimizing our solar PV assets throughout their entire life cycle, and establishing partnerships with local partners that share our purpose of harnessing the power of the sun to build a bright future,” said Axel Thiemann, CEO of Sonnedix.
According to Mercom Research, earlier in May 2021, Sonnedix Japan closed €172 million (~$209 million) in financing for the refinancing of the 55 MW Sonnedix Hitachi Juo from MUFG Bank, Joyo Bank, and seven co-financing regional banks.
Also, Sonnedix and Cox Energy America closed $120 million financing from Sumitomo Mitsui Bank Corporation (SMBC) through the joint venture Sonnedix Cox Energy Chile, on which Sonnedix holds a 70% and Cox Energy América has the remaining 30% for the development of 160 MW Sonnedix Meseta de Los Andes solar PV project.
Earlier in May 2021, Sonnedix Japan, on behalf of Sonnedix Group, closed €172 million (~$209 million) in financing for the 55 MW Sonnedix Hitachi Juo refinancing from MUFG Bank, Joyo Bank, and seven co-financing regional banks.
According to Mercom’s 9M and Q3 2021 Solar Funding and M&A Report, total corporate funding (including venture capital funding, public market, and debt financing) increased 190% in 9M 2021, with $22.8 billion in 112 deals compared to $7.9 billion in 72 deals in 9M 2020.