Sonnedix adds 11 MW to Italian PV plant portfolio

Independent solar power producer Sonnedix Power Holdings Ltd has acquired 10 solar parks in Italy totalling 11 MW, expanding its portfolio in the country to 125 MW.

Sonnedix, which is majority owned by institutional investors advised by JP Morgan Asset Management, said on Tuesday it has purchased the assets from Italy-based group TerniEnergia SpA (BIT: TER) for an undisclosed sum. The specific photovoltaic (PV) plants are located in the regions of Marche, Molise and Apulia in central and southern Italy.

The acquisition, together with other deals in Italy last year, are part of Sonnedix’s strategy to enhance its presence in Europe and “demonstrate its long-term commitment to the Italian market.” Following the latest transaction, the Italian firm’s operating capacity worldwide now stands at 719 MW.

“Strengthening our Italian portfolio is a crucial part of our long-term strategy to increase our presence in OECD markets and we look forward to further growth in 2018,” said Andreas Mustad, CEO of Sonnedix.

Orrick, Herrington & Sutcliffe provided legal advice to Sonnedix for the 11-MW acquisition, while RSM Studio Palea Lauri Gerla served at its financial counsel.

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