Independent solar power producer Sonnedix Power Holdings Ltd has arranged a non-recourse refinancing of a portfolio of 12 Spanish photovoltaic (PV) parks at a total value of EUR 140 million (USD 165m).
The financing consists of fixed-rate, senior secured bonds on a 19-year amortising basis. It was provided by Macquarie Infrastructure Debt Investment Solutions (MIDIS), Barings LLC, Schroders, Westbourne Capital and Edmond de Rothschild AM (UK). CaixaBank served as sole global coordinator and sole bookrunner for the issue.
The 12 solar plants have a combined capacity of 30.4 MWp. Sonnedix operates a total of 214 MW in Spain and claims to be the largest solar PV power producer in the country.
The company noted that this transaction was carried out under an existing joint venture with Q-Energy. It manages the Vela Energy portfolio and co-led the bond issuance, according to the announcement.