Sonnedix (https://sonnedix.com), a global renewable energy company acquiring, developing, building and operating solar, wind and storage assets, has raised €67 million in debt financing. The capital supports four solar projects totaling 102MW under construction in Spain and Italy.
Debt Financing Supports Cross-Border Pipeline
The timing aligns with accelerating European solar deployment. Sonnedix recently secured major Italian capacity contracts while peers like ACCIONA optimize portfolios through asset sales. The company's hybrid solar-plus-storage approach addresses grid flexibility needs in core markets.
Construction Financing Targets Regulated Markets
Four projects under the financing include the 25MW Duquesa plant in Spain with future battery storage plans and three Italian sites (Latina 3, Cascinetto, Cisterna) totaling 77MW. These fall under Italy's FER X CfD scheme, providing revenue stability. The simultaneous close across jurisdictions highlights execution complexity for multi-country IPPs.
Bank Consortium Validates Asset Quality
Six international banks participated: Banco Santander, Banco Sabadell, BBVA, Rabobank, CIBC and NatWest. This marks another project finance close within Sonnedix's existing European platform.
“The closing of this financing strengthens our ability to continue developing high-quality renewable projects in strategic markets such as Spain and Italy,” said Miguel A. García Mascuñán, CFO.
European Solar Market Expands Steadily
The solar PV market is projected from $368.7 billion in 2025 to $832.1 billion by 2033 at a 10.8% CAGR. EU forecasts 65.1 GW of new solar PV capacity additions in 2025, with solar reaching 13.4% of electricity supply. Sonnedix's 10.8 GW total pipeline across nine countries positions it to capture this growth through targeted debt raises.
Hybrid Strategy Differentiates Portfolio
Sonnedix emphasizes hybridization with battery storage, including a recent 643.8 MWh BESS supply agreement in Chile. This contrasts with pure-play solar developers by enabling dispatchable power and long-term PPAs with corporate offtakers.
Next Milestones Focus on Italy Scale
The company targets 2GW operating capacity in Italy by 2028, having recently surpassed 1GW through acquisitions. With multiple CODs and hybrid PPAs underway, the new financing accelerates progress toward that goal.