Sonnedix, a global solar independent power producer (IPP), has announced the non-recourse debt refinancing of a 32 MW portfolio of photovoltaic plants in south west France at a value of EUR 28.5 million.
The financing included long-term bank debt and a debt service reserve facility. Caisse d’Epargne CEPAC acted as both Lender and Mandated Lead Arranger and as Facility Agent and Account Bank.
The portfolio of three PV plants was acquired in 2018, as part of Sonnedix’s growth trajectory in France. The company has a total in-country operating capacity of 191.5 MW, following the acquisition of another portfolio of 2.2 MW in February 2019. The global solar IPP also has a 5 MW solar PV project under construction near Marseille.
“We continue to actively seek opportunities to expand our platform in France as part of our wider growth strategy” said Axel Thiemann, CEO of Sonnedix. “Optimization of our growing fleet is paramount to achieving operational excellence and is a continuous commitment we make on a global scale, as we develop, build and acquire assets for the long term.”
Sonnedix was advised by Linklaters (legal) and Wood (technical). CEPAC was advised by Franklin (legal).