Sonnedix, a Spanish developer of solar and wind power projects, has concluded a non-recourse refinancing of its domestic PV portfolio, freeing up a total value of €74 million worth of solar assets.
The refinancing package covers an installed PV portfolio of 18.17 MWp, and was executed under the existing joint venture between Sonnedix and Q-Energy – which manages the Vela Energy portfolio under with the refinanced capacity sits.
Global coordinators in the refinancing process included both Deutsche Bank and Spain’s Caixa Bank, with Sonnedix commenting that the deal will prove an important milestone for the company’s long-term commitment to Spain’s solar market.
The developer has enjoyed a relatively active year in Spain’s solar market, augmenting its portfolio in the country to 145 MW following the acquisition in April of the Vela Portfolio, which comprises 43 individual PV sites amounting to 136 MW of solar. The company also acquired a 7 MW solar farm from Sunflower Sustainable investments that month.
Beyond Spain, Sonnedix has more than 100 MW of operating solar capacity in Italy, and is currently building more than 170 MW of solar plants in Japan.