Sonnedix is pleased to announce today the closing of its acquisition of a 416MWp solar photovoltaic (PV) portfolio from Enel Chile. The acquisition of Arcadia Generacion Solar and its four operating PV plants, cleared by Fiscalía Nacional Económica, positions Sonnedix as one of the largest utility scale renewables producers in Chile with over 2.5GW of controlled capacity and marks Sonnedix's largest acquisition to date of operating assets across its global portfolio.
In parallel, Sonnedix successfully closed a $624 million acquisition financing facility with BNP Paribas, SMBC and Société Generale, acting as Joint Lead Arrangers, Joint Bookrunners and Green Loan Coordinators. Crédit Agricole CIB acted as Senior Mandated Lead Arranger and DNB Bank acted as Arranger. This closing is a further example of the long-term relationship Sonnedix has developed with its banking partners, which are instrumental in facilitating Sonnedix's continued sustainable growth, within Chile and on a global scale. The transaction also includes the refinancing of Atacama Solar, Sonnedix's largest operational utility scale project in Chile.
Axel Thiemann, CEO of Sonnedix, said: "The acquisition of this portfolio demonstrates Sonnedix's strong and long-standing commitment to helping Chile meet its renewable power goals. The refinancing recognises this strategy, the growing scale of our platform in country and the enduring strength of the relationships with our banking partners. I am delighted to be adding another PPA to those already agreed this year. This is an important step as we continue expanding our global portfolio of renewable energy assets, and to leading the energy transition in Chile."
Since starting operations in the Chilean market in 2015, Sonnedix has rapidly grown its presence, expanding its portfolio of solar assets and beginning its hybridisation journey in the country by adding operating wind assets to its portfolio through the acquisition of a 290MW solar and wind platform last year. The newly acquired 416MWp portfolio is composed of four operational solar PV assets, all located in the north of Chile. This comprises Diego de Almagro, a 36MWp project located in Chañaral; Carrera Pinto, a 97MWp solar project located in Copiapó; Pampa Solar, a 79MWp solar project located in Antofagasta, and Domeyko, a 204MWp also located in Antofagasta. The projects have been operational since 2014, 2015, 2016 and 2022, respectively. These additions to Sonnedix's Chilean portfolio produces enough green electricity to power over 530,000 Chilean homes and avoid 460,000 metric tonnes of CO2 each year.
Arcadia Generacion Solar has a long term Power Purchase Agreement (PPA) with Enel Green Power for the supply of green electricity.
Carlos Guinand, Executive Chairman, Sonnedix, said: "We're pleased to have completed this significant acquisition, alongside the signing of the financing and the PPA. We continue to build good momentum in Chile, where our trusted partner status and track record drive our ability to collaborate across the value chain and continue to grow and optimise our portfolio. The need for green, affordable and secure electricity has never been more imperative, and we're delighted to be playing an important role in Chile's energy transition, helping our customers and communities to meet decarbonisation goals."
On the transaction, Sonnedix was advised by GAdvisory (technical), EY (financial and tax), and Morales & Besa (legal). On the financing, Sonnedix was advised by White & Case and Morales & Besa (legal) and lenders were advised by Milbank and Guerrero Olivos (legal), DNV (Market), Marsh (insurance), G-Advisory (IE) and EY (Tax and Model Audit).