Sonnedix, the global renewable energy company, has completed a USD 78 million financing arrangement to fund the construction of four solar photovoltaic projects in Spain and Italy, marking one of the more complex cross-border transactions the firm has executed within its European financing platform.

Structure and Participating Institutions

The financing was structured with the participation of six financial institutions: Banco Santander, Banco Sabadell, BBVA, Rabobank, CIBC, and NatWest. The transaction falls within an existing financing platform that Sonnedix has established to support the construction of renewable energy projects in selected countries across the European Union and the United Kingdom.

The total USD 78 million is split between the two jurisdictions, with USD 13 million allocated to a single project in Spain and USD 65 million directed toward a portfolio of three projects in Italy.

The Spanish Component: Sonnedix Duquesa

In Spain, the USD 13 million tranche will finance the Sonnedix Duquesa project, a 25-megawatt photovoltaic plant currently under construction. The facility is expected to begin operations in the second half of 2026.

Beyond its initial solar generation capacity, Duquesa is described as part of Sonnedix's broader hybridization strategy. Battery energy storage systems, known as BESS, are planned for incorporation at the site in a later phase, though no timeline for that addition was provided.

The Italian Component: Three Projects From the Dolce Vita Portfolio

The USD 65 million Italian portion covers three assets drawn from what Sonnedix refers to as its Dolce Vita portfolio, which in total consists of five photovoltaic projects located across Italy.

The three projects included in this financing are Sonnedix Latina 3, with a generation capacity of 38 megawatts; Sonnedix Cascinetto, at 18 megawatts; and Sonnedix Cisterna, at 21 megawatts.

All three Italian projects are supported through the FER X scheme, an Italian state incentive mechanism for renewable energy. Under this arrangement, the projects will benefit from 20-year Contracts for Difference, or CfDs, guaranteed by GSE, the Italian state-owned energy services company. Sonnedix described these instruments as providing long-term stability and predictable cash flows to its portfolio.

Complexity of the Cross-Border Transaction

Sonnedix's Global Head of Project Finance, Daniel Machuca, acknowledged the operational difficulty of executing the deal simultaneously across two national jurisdictions.

"This financing has been particularly complex due to its cross-border nature and the simultaneous closing in two jurisdictions," Machuca said. "Its success was made possible thanks to very close coordination between teams and financial institutions, and it demonstrates our ability to design efficient solutions that support the development of our portfolio."

The company's CFO, Miguel A. García Mascuñán, framed the deal in terms of the company's wider European ambitions. "The closing of this financing strengthens our ability to continue developing high-quality renewable projects in strategic markets such as Spain and Italy," he said. "Furthermore, it reflects the confidence of the financial institutions in our long-term growth strategy and in the strength of our European portfolio."

Sonnedix's Current Portfolio and Construction Pipeline

Sonnedix describes itself as a global renewable energy company with a total portfolio capacity of 12 gigawatts. That figure encompasses more than 1 gigawatt currently under construction, 4 gigawatts in active operation, and a development pipeline of 6 gigawatts awaiting future build-out. The company's asset mix spans solar, wind, and storage, and it operates across Chile, France, Germany, Italy, Japan, Poland, Portugal, Spain, and the United Kingdom.

The four projects covered by this latest financing fall within the more than 1 gigawatt Sonnedix currently has under construction globally. The company states it continues to expand its footprint across OECD countries through both acquisitions and the organic development of new projects.

Broader Strategic Context

The transaction reflects a pattern Sonnedix has been pursuing in European markets, where the combination of state-backed revenue support mechanisms and multi-bank project finance structures is being used to underpin construction-phase assets.

In Italy, the use of CfDs guaranteed by a state-owned counterparty over a 20-year term is positioned by the company as a means of de-risking long-term cash flows for those assets.

In Spain, the planned addition of battery storage to the Duquesa project at a later stage points to the company's stated strategy of progressively incorporating storage into its renewable portfolio to optimize the value of the energy it generates. No further details on the scale or timing of the Duquesa storage component were disclosed in connection with the financing announcement.

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