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Sonnedix gets non-recourse debt for 55-MW French solar portfolio

Sonnedix St Etienne solar PV park in France. Image by: Sonnedix (www.sonnedix.com)

October 2 (Renewables Now) - Independent solar power producer Sonnedix Power Holdings Ltd said today it has secured EUR 189 million (USD 206.4m) in debt for the construction of a 55-MW photovoltaic (PV) portfolio in France.

The particular portfolio consists of five solar parks that Sonnedix bought in April from clean energy investor Glennmont Partners. The power plants are located at car manufacturing sites in northern France.

The non-recourse financing package includes long-term bank debt and a debt service reserve facility from a lending consortium of CaixaBank, La Banque Postale, Societe Generale and MUFG Bank. Those banks were also mandated lead arrangers of the facility.

Sonnedix’s operational capacity in France currently stands at over 250 MW. CEO Axel Thiemann noted the company is “actively” seeking opportunities to expand this portfolio, both through new developments and acquisitions, as part of its growth strategy.

Linklaters provided Sonnedix with legal advice in the funding deal, while Astris Finance was its financial counsel.

(EUR 1.0 = USD 1.092)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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