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Saturday, January 28, 2023
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Ashurst, GA_P advise on Sonnedix´s PV acquisition from Impax

Ashurst has advised Sonnedix on its acquisition of a 36MWp operating solar PV plant in Spain from Impax Asset Management, represented by Gómez-Acebo & Pombo

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Sonnedix, the international Renewable Energy Producer (REP), closed the acquisition of a solar PV plant located in Herencia, Ciudad Real, that has recently achieved Commercial Operation Date (COD) from Impax Asset Management, who acquired the project rights in 2019.

Fraile, a 36MWp plant, is expected to generate 78GWh of clean electricity during its first year of operation. This is the equivalent of powering over 23,000 households, avoiding the emission of almost 12,000 metric tons of CO2 per year.

“I am excited to see the growth of our footprint in Spain, where we have been present since our founding in 2009,” said Axel Thiemann, CEO of Sonnedix. “Our team has done an exceptional job toward working together to optimize our portfolio as we evolve as key players in the Energy Transition in Europe.”

Carsten Johansen, Head of the PE/Infrastructure Transaction Team at Impax, stated: “Impax is proud to be an established investor in the Spanish renewables market. We are pleased to bring these 36MWp into operation and happy to be partnering again with Sonnedix.”

The sales process was managed by PWC. Impax was counselled by Gómez-Acebo & Pombo, and Sonnedix was counselled by Ashurst.

The plant is powered by Canadian Solar modules, PV Hardware trackers, and JEMA inverters. ELMYA was the designated EPC contractor and will also serve as the Operations and Maintenance (O&M) for the first two years.

This is the fourth acquisition by Sonnedix in Spain in 2022, where it currently manages 181 solar projects with a total capacity of up to 1GW and a total operational capacity of almost 600MW.

Ashurst advised Sonnedix with an Energy team led by partner Andrés Alfonso, who counted on the support of associates Marta Timoner Gimeno and Cristina López-Canosa Fdez.

Pablo Fernández Cortijo

On the other hand, Gómez-Acebo & Pombo has advised Impax Asset Management on the sale with a team formed by Pablo Fernandez Cortijo, partner; Diego Martínez Colino, Saray López Lindo, Laura Rey Escribano, and Samara Schaar, associates, of the Corporate/M&A team; Cristina Matia Garay and Paula García Cuevas, Public and Regulatory associates; Natalia Lastres Méndez and Sofía Inés Sáenz de Valluerca, Of Counsel and Real Estate associate; and Remedios García Gómez de Zamora and Ángela Atienza Pérez, Of Counsel and Tax associate, have advised on the transaction.

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