Sonnedix secures EUR 160m in financing for solar farms in Italy

Sonnedix Power Holdings Ltd has closed non-recourse financing of EUR 160 million (USD 195.5m), securing the funds for several solar photovoltaic (PV) farms in Italy.

The independent solar power producer said today that part of the amount, which included a debt service reserve facility and long-term facility, will be used for the refinancing of 21 PV farms totalling 29.3 MWp scattered across Italy. The remaining amount will be available to Sonnedix later as it adds more assets to the portfolio.

The Milan branch of France's Credit Agricole Corporate and Investment Bank acted as mandated lead arranger, green loan lead coordinator and lender.

Intesa Sanpaolo SpA (BIT:ISP), UBI Banca -- part of Intesa Sanpaolo Group, and the Milan branch of Societe Generale SA (EPA:GLE) acted as mandated lead arrangers, green loan co-coordinators and lenders. Intesa Sanpaolo was also the account bank and agent for this transaction.

Sonnedix has made several purchases in Italy throughout 2020, and as a result the company’s operating capacity in the country has grown to 249.5 MW.

(EUR 1.0 = USD 1.222)

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