TURIN, Italy - Sonnedix, the global solar independent power producer, has announced the completion of a EUR 160 million non-recourse financing of a solar photovoltaic portfolio in Italy.
The financing included a debt service reserve facility and a long-term facility, which has been partially disbursed for the refinancing of 21 solar photovoltaic plants, with an installed capacity of 29.3MWp, located in several italian regions. The remaining amount will be disbursed in the future as Sonnedix adds more solar photovoltaic plants to its portfolio.
Crédit Agricole Corporate and Investment Bank, Milan Branch acted as Mandated Lead Arranger, Green Loan Lead Coordinator and Lender, while Intesa Sanpaolo S.p.A., Société Générale, Milan Branch, and UBI Banca S.p.A. (part of Intesa Sanpaolo Group) acted as Mandated Lead Arrangers, Green Loan Co-Coordinators and Lenders. Intesa Sanpaolo S.p.A. also acted as Account Bank and Agent.
Sonnedix’s operating capacity in Italy has grown to 249.5MW during 2020. The refinancing is part of Sonnedix’s long-term commitment to the Italian market and is in line with Sonnedix’s growth strategy in Europe.
The transaction is proof of the solid partnership that Sonnedix has built with the aforementioned banks, both internationally and locally.
RSM Studio Palea Lauri Gerla, with a team led by Cristian Lenti (partner) and composed by Maria Luisa Appendino, Alberto Trainotti and Valentina Roma, provided the Banks with tax advice over the transaction.
Sonnedix was advised by Orrick, Herrington & Sutcliffe (Europe) LLP (Legal), ValeCap (Financial Advisor), Riverside Risk Advisors (Hedging Advisor) and GMB Finance. The lenders were also advised by Norton Rose Fulbright (Legal), Duff & Phelps REAG S.p.A. (Technical), KPMG (Model audit), Marsh S.p.A. (Insurance).