Sonnedix closes €67 million financing for solar projects in Spain and Italy

The transaction has been formalised with the participation of Banco Santander, Banco Sabadell, BBVA, Rabobank, CIBC, and NatWest, providing €11 million for a project in Spain and €56 million for a portfolio in Italy.

In Spain, the financing will be allocated to the Sonnedix Duquesa project, a 25 MW PV plant currently under construction and expected to begin operations in 2H26. This project represents a further step in Sonnedix’s hybridisation strategy, as battery energy storage systems (BESS) are planned to be incorporated in a later phase.

The Dolce Vita portfolio consists of five PV projects located in Italy. First 3 projects have been included in the financing: Sonnedix Latina 3, with a capacity of 38 MW; Sonnedix Cascinetto, of 18 MW; and Sonnedix Cisterna, of 21 MW. These assets will provide long-term stability to Sonnedix’s portfolio through the FER X support scheme, with cash flows backed by 20-year Contracts for Difference (CfDs) guaranteed by the Italian state-owned company, GSE.

Miguel A. García Mascuñán, CFO of Sonnedix, stated: “The closing of this financing strengthens our ability to continue developing high-quality renewable projects in strategic markets such as Spain and Italy. Furthermore, it reflects the confidence of the financial institutions in our long-term growth strategy and in the strength of our European portfolio.”

Daniel Machuca, Global Head of Project Finance of Sonnedix, highlighted: “This financing has been particularly complex due to its cross-border nature and the simultaneous closing in two jurisdictions. Its success was made possible thanks to very close co-ordination between teams and financial institutions, and it demonstrates our ability to design efficient solutions that support the development of our portfolio.”

With this transaction, Sonnedix continues to advance in the construction of new renewable assets in Europe and reinforces its sustainable growth strategy, focused on the development of long-term projects and the progressive incorporation of storage solutions that allow for optimising the value of renewable energy.

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