Sonnedix, the international Renewable Energy Producer (REP), has completed the acquisition of an operating solar PV portfolio in Spain, totalling 26MW.
The portfolio is comprised of three projects, totalling 11 solar photovoltaic (PV) plants throughout different regions in Spain, including Aragón, Castilla, León, Castilla la Macha, and Murcia. All plants are operating under the Spanish regulatory regime.
The plants are expected to generate 44GWh of clean electricity during its first year of operation. This is the equivalent of powering over 13,000 households, avoiding the emission of almost 7,000 metric tons CO2 per year.
“This transaction aligns with our long-term business strategy of providing green, affordable electricity to our customers,” said Axel Thiemann, CEO of Sonnedix. “Spain’s position in the Energy Transition provides us the foundation to overcome the challenges of market volatility while counting on regulated assets”.
Present in Spain since its beginning in 2009, Sonnedix currently manages over 180 solar projects in the country and has a total capacity of over 1.3GW, including development pipeline, generating more than 200 direct and indirect jobs. Worldwide, Sonnedix’s footprint spans 10 countries with over 8GW of total capacity including a development pipeline of almost 6GW.
On this transaction, Sonnedix was advised by Eversheds Sutherland on the legal due diligence and SPA negotiation, Vector Renewables on the technical due diligence for all three projects and EY on the financial due diligence for one of the projects. The sellers were advised by Cuatrecasas Zaragoza, and Ad Solar on the SPA negotiation.
Cuatrecasas Zaragoza team was led by partner Antonio García Lapuente and also formed by associates Ignacio Liria, Carolina Artigot, and Pablo Villanova.
Eversheds advised Sonnedix with a team led by Corporate partner Carlos Pemán, together with senior associate Enrique Richard Hawrysch and associates, Eloi Núñez-Romero, Ana González Orcajo and Elena Godoy Gascuñana.