| Work Detail |
Renewable energy giant Sonnedix has inked a significant €260 million green loan earmarked for financing the acquisition and development of renewable energy ventures in Italy. This financing, finalized in December 2023, marks one of the largest solar project funding deals in the Italian market for the year. It follows closely on the heels of Sonnedix’s innovative EUR500 million loan facility signed in the same month, aimed at funding its burgeoning renewable energy pipeline across Europe and the UK.
The comprehensive multi-borrower loan encompasses greenfield project financing for the construction of two photovoltaic plants situated in Sicily and Sardinia, boasting a combined capacity of approximately 200MW. Additionally, the financing package includes an acquisition finance line for an existing operational asset.
A consortium of banks, including Banco Bilbao Vizcaya Argentaria S.A. – Milan Branch, CaixaBank S.A., Italy Branch, La Banque Postale S.A., and Crédit Agricole Corporate and Investment Bank – Milan Branch (also serving as Agent and Issuing Bank), extended the loan. Banco Bilbao Vizcaya Argentaria S.A. – Milan Branch, CaixaBank S.A., Italy Branch, and Crédit Agricole Corporate and Investment Bank – Milan Branch also assumed roles as Global Green Loan Coordinators. Furthermore, Crédit Agricole Italia S.p.A. acted as the Account Bank, while all four banks provided hedging services.
Axel Thiemann, CEO of Sonnedix, emphasized the loan’s significance in bolstering the company’s commitment to the Italian market, facilitating the conversion of their extensive pipeline of over 1.5GW in Italy alone. Thiemann underscored the pressing need to accelerate the energy transition, attributing the surge in renewable energy infrastructure investment to this imperative. He expressed confidence in Sonnedix’s ability to swiftly deliver projects at scale, buoyed by robust banking relationships and a diversified portfolio spanning 10 countries.
Karen Boesen, CFO of Sonnedix, hailed the loan as a testament to the confidence and trust bestowed upon Sonnedix by its banking partners, reflective of the quality of its renewable energy project portfolio. Boesen expressed gratitude for collaborating with financing institutions sharing a common commitment to funding essential renewable energy infrastructure.
In facilitating the transaction, Sonnedix received legal counsel from international law firm Ashurst and Riverside Risk Advisors for hedging. Lenders were advised by Green Horse Legal Advisory (legal), EOS Consulting (technical), IPG-Lex&Tax (tax), Marsh (insurance), Valecap (financial modeling), Baringa (market), and KPMG (model audit). |
