Independent solar power producers Sonnedix have announced a non-recourse refinancing worth EUR 197.1 million, for its 66 MW portfolio of pv plants in Italy.
The move will increase the Sonnedix’s presence in the Italian market, continuing a lengthy period of new investments for the company, driven by its partnership with JP Morgan Asset Management.
“This refinancing is an important milestone as we deepend our presence in Italy, following several acquisitions in the past 12 months,” says Sonnedix CEO Andreas Mustad. “We have a long term commitment to the Italian market, and look forward to further growth as we move into 2017”.
The financing comes in the forms of long-term bank loans, project bonds and a debt service reserve facility. BRIDGE, SCOR and La Banque Postal Asset Management are providing institutional financing.
Since beginning a partnership with JP Morgan Asset Management in 2014, with the stated aim to “pursue opportunities in the attractive rapidly expanding global solar market”, Sonnedix has more than tripled its global capacity, from 117 MW to more than 353 MW.
JP Morgan recently advised investors to acquire further shares in Sonnedix demonstrating strong confidence in the French based power provider, which still has a pipeline of several hundred MW at various stages of construction and pre construction.