The multi-borrower loan encompasses greenfield project finance earmarked for the construction of two photovoltaic plants situated in Sicily and Sardinia, boasting a combined capacity of approximately 200 megawatts (MW). Additionally, the financing arrangement includes an acquisition finance line designated for an operational asset.
“This loan will enable us to continue to convert our pipeline of over 1.5GW in Italy alone,” stated Axel Thiemann, CEO of Sonnedix. “The urgent need to accelerate the energy transition continues to drive more investment in renewable energy infrastructure than ever before.”
This financing deal ranks among the largest solar project financing agreements in the Italian market for the year. It follows Sonnedix's previous €500 million loan facility signed in December 2023, intended to fund the development of its renewable energy pipeline across Europe and the UK.
The loan was extended by a consortium of banks, comprising Banco Bilbao Vizcaya Argentaria, Milan Branch, CaixaBank, Italy Branch, La Banque Postale, and Crédit Agricole Corporate and Investment Bank, Milan Branch, with the latter also serving as the Agent and Issuing Bank.
Sonnedix received advisory support from international law firm Ashurst and Riverside Risk Advisors for legal and hedging matters, respectively. Meanwhile, lenders were advised by Green Horse Legal Advisory for legal aspects, EOS Consulting for technical considerations, IPG-Lex&Tax for tax-related matters, Marsh for insurance, Valecap for financial modeling, Baringa for market analysis, and KPMG for model audit.