Renewable energy developer Sonnedix has closed a €730mn financing package backed by a major consortium of European banks, marking a vote of confidence in the company’s expansion plans across Southern Europe.
The syndicated loan brings together nine lenders, AIB, CACIB, CIBC, ING, Intesa Sanpaolo, Sabadell, Santander CIB, Société Générale, and UniCredit, to fund the refinancing, optimisation, and construction of assets in Italy, Spain, Portugal, and France, highlighting growing appetite for large-scale solar and battery storage projects.
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Under the latest agreement, the funds will be allocated to photovoltaic plants with a combined capacity of approximately 540MW and two battery energy storage systems (BESS). Italy represents the largest share of the investment, accounting for more than 350MW of capacity.
Crédit Agricole CIB and Santander CIB acted as co-financial advisors, while ING served as ESG coordinator. The transaction aims to strengthen Sonnedix’s platform for integrating storage solutions alongside its existing solar portfolio, enhancing grid flexibility and resilience.
“This financing reflects Sonnedix’s commitment to developing high quality renewable projects in our strategic markets,” said Axel Thiemann, CEO of Sonnedix. “It follows our recent BESS portfolio acquisition in Italy and underscores the pace at which we are scaling our storage capabilities across Europe.”
As an unlisted company, UK-headquartered Sonnedix does not disclose a full breakdown of its ownership, although institutional investors advised by J.P. Morgan Asset Management acquired a majority stake in the company in 2014.
