Sonnedix Secures €730 Million to Refinance and Expand Southern European Solar Portfolio

Sonnedix has closed a €730 million financing to refinance, optimise and construct renewable energy assets across France, Italy, Portugal and Spain, extending the global renewable energy company's operations across its core southern European markets. The funding will support solar photovoltaic plants with a combined capacity of approximately 540 megawatts alongside two battery energy storage assets, with Italy accounting for the largest share of the allocation at more than 350 megawatts. Sonnedix currently manages 12 gigawatts of total capacity globally.

 

The financing includes the integration of battery energy storage systems across the funded assets, advancing what the company describes as its hybridisation strategy, pairing solar generation with storage to smooth output and extend the value of its renewable portfolio beyond simple daytime generation. By refinancing existing assets alongside funding new construction, Sonnedix said it is building a platform to expand storage development alongside its solar portfolio and reach new customers across the region.

 

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The transaction was formalised with participation from nine lending institutions: AIB, Crédit Agricole CIB, CIBC, ING, Intesa Sanpaolo, Sabadell, Santander CIB, Société Générale and UniCredit. Crédit Agricole CIB and Santander CIB served as co-financial advisors to Sonnedix, with A&O Shearman as legal counsel, ING as ESG coordinator, Centrus as hedging advisor, and Aurora Energy Research providing energy market analytics.

 

Chief executive Axel Thiemann described the financing as reflecting the company's commitment to developing high-quality renewable projects in its strategic markets, noting it follows a recent battery storage portfolio acquisition in Italy and underscores the pace at which the company is scaling storage capabilities across Europe. Chief financial officer Miguel A. García Mascuñán called the €730 million financing a major milestone offering significant financial flexibility to accelerate the company's development pipeline across its core markets.

 

Source: Sonnedix