Sonnedix has finalised a €260 million green loan to finance the acquisition and construction of renewable energy projects in Italy. It follows the €500 million loan facility signed by the company in December 2023 to finance the construction of its renewable energy pipeline in Europe and the UK. The multi-borrower loan includes greenfield project finance for the construction of two photovoltaic plants located in Sicily and Sardinia with a total capacity of around 200 MW, as well as an acquisition finance line for an operating asset.
Reportedly, the loan was granted by a pool of banks, including Banco Bilbao Vizcaya Argentaria S.A., Milan Branch; CaixaBank S.A., Italy Branch; La Banque Postale S.A.; and Crédit Agricole Corporate and Investment Bank, Milan Branch (acting also as an agent and issuing bank). Banco Bilbao Vizcaya Argentaria S.A., Milan Branch; CaixaBank S.A., Italy Branch; and Crédit Agricole Corporate and Investment Bank, Milan Branch, also acted as Global Green Loan Coordinators. As part of the financing transaction, Banco Bilbao Vizcaya Argentaria S.A., CaixaBank S.A., La Banque Postale S.A. and Crédit Agricole Corporate and Investment Bank also acted as hedging banks. Crédit Agricole Italia S.p.A. acted as the account bank.
In December 2023, Sonnedix commenced development on a portfolio of five solar PV projects totaling 300 MW. The construction is expected to be finished in early 2025. In addition to avoiding 58,000 metric tonnes of carbon emissions annually, it will provide about 300,000 MWh of renewable electricity annually, enough to power 85,000 homes in the UK.