Renewable energy developer Sonnedix has completed two refinancing transactions worth a combined €2 billion to restructure its solar portfolio across Europe, the company said on Wednesday.
The first deal, valued at €595 million, will refinance 154 megawatts (MW) of Sonnedix’s assets in Spain. The second transaction, totaling €1.37 billion, covers the company’s 1.04-gigawatt (GW) portfolio spanning France, Italy, Poland, Spain and Portugal.
The two refinancings consolidate 12 separate project financings, with the goal of optimising Sonnedix’s capital structure, lowering the cost of capital and reducing financial risk, the developer said in a statement.
CaixaBank provided financing for the Spanish transaction. The larger multi-country refinancing involved nine commercial lenders, including Bank of China, Crédit Agricole CIB, HSBC, ING, Santander CIB, Société Générale, Intesa SanPaolo, La Banque Postale, and Kutxabank.
“As we scale our multi-technology portfolio, our team continues to find smarter, more flexible ways to structure larger, portfolio-level financings to enable us to invest in new growth opportunities, particularly in storage,” Sonnedix CEO Axel Thiemann said.
“By unlocking capital through refinancing, we can accelerate the build-out of clean energy projects, making a bigger impact, faster,” he added.
Sonnedix Chief Financial Officer Miguel García Mascuñá said the transactions reflect growing confidence in the company’s strategy and in the long-term value of utility-scale renewable assets.
“Today’s refinancings are aimed at optimising our capital structure, lowering cost of capital, and reducing risk,” he said. “It’s particularly encouraging to see continued support from our existing banking partners, alongside new institutions. This reflects growing confidence in not only Sonnedix’s growth strategy, but also in the long-term value of well-structured, utility-scale renewable energy assets.
