Sonnedix takes majority in Cox Energy Chile under new partnership
Source: Sonnedix. License: All Rights Reserved.
Independent solar power producer Sonnedix Power Holdings Ltd said on Monday it has established a renewables partnership in Chile that includes the purchase of a majority stake in the local subsidiary of Spain's Cox Energy.
Sonnedix has bought the controlling interest in Cox Energy Chile SpA for an undisclosed sum. The exact size of the acquired stake was not revealed either.
Cox Energy Chile has power supply deals with 23 local distribution companies for a total of 264 GWh of electricity per year. By taking control of the company, Sonnedix has secured a 20-year offtake starting in 2022 plus the option to buy a 74-MW solar project.
Sonnedix and Cox Energy will also team up on the construction and operation of renewable energy projects in Chile, according to the announcement. They will manage a portfolio of operating plants that will be used as a platform for the development, operation and trading of solar power generation serving clients in the Metropolitan Region, the statement says.
The company’s initial investment will be used for the construction of large-scale plants in Chile to supply the contracted power in compliance with the tender process.
Sonnedix’s current development portfolio exceeds 250 MW. The company noted that this is the first time it has underwritten a 24-hour energy supply contract.