Project financing dossier: Sonnedix acquires a 22 MW solar portfolio in Italy

Sonnedix, independent solar energy producer (IPP), has completed the acquisition of a 22.3 MW portfolio of solar photovoltaic projects located in Italy from the Spanish IPP Solarig. The portfolio includes 18 ground-based solar photovoltaic projects, all in operation since 2010 and 2011 and under the Italian purchase tariff system Conto Energia.

Cubico Sustainable Investments (Cubico), an investor in renewable energy, completed refinancing Moron and Olivenza concentration solar projects totaling 100 MW in Seville and Badajoz, Spain. The projects were acquired in March this year as part of the Grupo T-Solar portfolio and had a capacity of 50 MW, each complemented by a green loan. The lenders club of the mandated principal arrangers included; Aviva Investors, CaixaBank, Export Development Canada, ING, Rivage Investment, Santander Corporate & Investment Banking and Société Générale.

CIM Group, lender and developer of real assets, closed debt and tax equity financing for its Aquamarine, 250 MW solar PV project in California. Deutsche Bank was the main arranger of debt financing. The project is part of the first phase of the Westlands Solar Farm, which will be fully operational by fall 2021 and is expected to provide 50 MW of capacity to the Valley Clean Energy Alliance. Valley Clean Energy Alliance, a locally managed electricity supplier to the California cities of Davis, Woodland, Winters and unincorporated parts of Yolo County.

Genex Power has reached Financial close for the 250 MW Kidston pumped storage hydroelectric project (K2-Hydro). Financial close includes capital subscription and full effectiveness of all project documents as well as the ARENA funding agreement and the NAIF loan facility. The financial close of the project follows the settlement and allocation of 106,990,005 shares of Genex at $ 0.2337 per share to J-POWER, which now becomes the largest single shareholder of the company with a 10% stake. .

Oesterreichische Entwicklungsbank, the Austrian Development Bank, has agreed to provide € 10.3 million (~ $ 12.56 million) for the construction and operation of the Hlyniany II project near Lviv, Ukraine, owned by the ECO Optima group. Dentons acted as Ukrainian legal advisor to the bank in connection with the transaction. The project will produce 19.5 GWh of electricity per year, which will supply more than 6,000 homes with green energy and save 300,000 tonnes of Co2.

ENGIE Romania, the Romanian natural gas distribution company, completed the acquisition of an operational photovoltaic solar project, with a total installed capacity of 5.46 MW, located in the southern part of Romania, in the village of Nenciulești in Teleorman County, from a company owned by two German investors. The project commissioned in 2014 has since produced ~ 42 GWh, equivalent to the annual electricity consumption of 25,000 households.

London-listed investment firm, Renewables Infrastructure Group (TRIG) agreed to acquire a 50% stake in two Swedish onshore wind projects to begin construction Later this year. TRIG buys wind projects from Nordic renewable energy developer Arise. InfraRed Europea Infrastructure Income Fund 4 will acquire the remaining stake in the wind projects. The projects, called Ensemble Twin Peaks, are located in central Sweden and have a combined capacity of 242 MW.

CIT Group ad that its Power and Energy business served as the lead coordinator for approximately $ 200 million in funding for the 149 MW Big River solar project in White County, Illinois. The promoter of the project is DE Shaw Renewable Investments, part of the DE Shaw Group and a profitable renewable energy supplier in North America. The projects are the subject of multiple power purchase contracts for most of the next two decades.

Spanish utility company Naturgy Energy closed $ 280 million project financing with a group of international banks for 316 MW of wind and solar projects located in the Atacama Desert in Chile. The 206 MW Cabo Leones II wind project and the 110 MW San Pedro solar project were connected to the grid in the fourth quarter of 2020 and began providing electricity at the beginning of this year.

For reports and follow-ups on M&A financings and transactions in solar energy, energy storage, smart grids and efficiency, click on here.

Read last week’s project funding note.

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