Celebrating Solar Progress: Sonnedix Secures €260 Million Loan for Italian Solar Ventures

Sonnedix has signed a €260m green loan to finance the acquisition and construction of solar power projects in Italy.

The multi-borrower loan includes greenfield project finance for the construction of two photovoltaic plants located in Sicily and Sardinia with a total capacity of around 200MW, as well as an acquisition finance line of an operating asset.

The loan represents one of the largest solar project financing deals in the Italian market during the year.

It follows on from a €500m loan facility also signed by Sonnedix in December 2023, to finance the construction of its renewable energy pipeline in Europe and the UK.

The loan was granted by a pool of banks including Banco Bilbao Vizcaya Argentaria, Milan Branch, CaixaBank, Italy Branch, La Banque Postale and Crédit Agricole Corporate and Investment Bank, Milan Branch (acting also as Agent and Issuing Bank).

Sonnedix’s CEO, Axel Thiemann, said: “Since we first entered Italy in 2010, it has remained one of our key markets, and this loan will enable us to continue to convert our pipeline of over 1.5GW in Italy alone.

“The urgent need to accelerate the energy transition continues to drive more investment in renewable energy infrastructure than ever before.

“With our strong banking relationships and quality assets globally across 10 countries, Sonnedix is positioned better than ever before to deliver these projects at speed and at scale.”

On the transaction, Sonnedix was advised by international law firm Ashurst (legal) and Riverside Risk Advisors (hedging).

Lenders were advised by Green Horse Legal Advisory (legal), EOS Consulting (technical), IPG-Lex&Tax (tax), Marsh (insurance), Valecap (financial modelling), Baringa (market) and KPMG (model audit).