Sonnedix, an independent solar power producer, secured a €260 million (~$280 million) green loan to finance the acquisition and construction of renewable energy projects in Italy.
The multi-borrower loan includes greenfield project finance for the construction of two photovoltaic plants located in Sicily and Sardinia with a total capacity of around 200MW, as well as an acquisition finance line of an operating asset.
The loan was granted by a pool of banks, including Banco Bilbao Vizcaya Argentaria S.A. – Milan Branch, CaixaBank S.A., Italy Branch, La Banque Postale S.A. and Crédit Agricole Corporate and Investment Bank – Milan Branch (acting also as Agent and Issuing Bank). Banco Bilbao Vizcaya Argentaria S.A. – Milan Branch, CaixaBank S.A., Italy Branch, and Crédit Agricole Corporate and Investment Bank – Milan Branch also acted as Global Green Loan Coordinator. As part of the financing transaction, Banco Bilbao Vizcaya Argentaria S.A., CaixaBank S.A., La Banque Postale S.A., and Crédit Agricole Corporate and Investment Bank also acted as Hedging Banks. Crédit Agricole Italia S.p.A. acted as Account Bank.
Sonnedix’s CEO, Axel Thiemann, said: “Since we first entered Italy in 2010, it has remained one of our key markets, and this loan will enable us to continue to convert our pipeline of over 1.5GW in Italy alone. The urgent need to accelerate the energy transition continues to drive more investment in renewable energy infrastructure than ever before. With our strong banking relationships and quality assets globally across 10 countries, Sonnedix is positioned better than ever before to deliver these projects at speed and at scale.”
According to Mercom’s Q4 and Annual Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.
Vesper Energy, a developer, owner, and operator of utility-scale renewable energy projects, secured $590 million in debt financing for the Hornet solar project in Texas. The project will deliver renewable energy to communities throughout Texas, provide grid stability, and mitigate price volatility in ERCOT.