DNV supports Sonnedix’s €2 billion refinancing for solar portfolio

The refinancing covers 50 photovoltaic (PV) assets with a total capacity of 1.3 GW across Spain, Italy, France, Portugal, Poland, and the UK.

The facilities were secured from a consortium of leading international financial institutions, including Bank of China, Crédit Agricole CIB, HSBC, ING, Intesa Sanpaolo, La Banque Postale, Santander CIB, and Société Générale. This substantial refinancing enables Sonnedix to continue its growth and investment in new renewable energy opportunities across the region.

The complexity of the multi-jurisdictional, 50-asset portfolio required robust and transparent technical analysis to provide lenders with confidence. DNV performed a comprehensive Lenders Technical Due Diligence, which included a consolidated project overview, a technology review of major equipment, and an energy assessment estimating production across the entire portfolio. The diligence also encompassed performance reviews of operational plants, environmental and financial evaluations against Green Loan Principles, and an analysis of the long-term technical viability of the assets.

Santiago Blanco, Executive Vice President and Regional Director for Southern Europe at DNV, noted: “Refinancing a portfolio of this scale and geographic diversity is a testament to the maturity and bankability of European solar assets. Our technical due diligence provided the foundational assurance needed for the lenders to move forward, demonstrating that rigorous, independent review is crucial for unlocking capital at this level. This transaction reinforces the critical role of solar power in Europe’s secure and sustainable energy future.”

This transaction builds on a continued partnership between DNV and Sonnedix, following a similar due diligence for a multi-billion refinancing in 2024.

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