DNV Advises Sonnedix On €2B Refinancing Of 1.3 GW European Solar Portfolio Spanning Spain, Italy, France, Portugal, Poland, And The UK

DNV, the independent energy and assurance expert, acted as the technical due diligence advisor for Sonnedix, a leading international renewable energy producer, in its successful €2 billion refinancing of a major European solar portfolio. The refinancing covers 50 photovoltaic assets with a combined capacity of 1.3 GW located across Spain, Italy, France, Portugal, Poland, and the United Kingdom.

The refinancing was arranged through a consortium of prominent international financial institutions, including Bank of China, Crédit Agricole CIB, HSBC, ING, Intesa Sanpaolo, La Banque Postale, Santander CIB, and Société Générale. This substantial financing allows Sonnedix to continue investing in and expanding its renewable energy operations across Europe.

Given the scale and complexity of a multi-jurisdictional portfolio comprising 50 assets, a thorough and transparent technical analysis was essential to provide confidence to lenders. DNV carried out a comprehensive Lenders Technical Due Diligence, which included a consolidated overview of the portfolio, a detailed review of major equipment technology, and an energy assessment estimating the production of all assets. The diligence process also included performance reviews of operational plants, environmental and financial evaluations aligned with Green Loan Principles, and an assessment of the long-term technical viability of the portfolio.

Santiago Blanco, Executive Vice President and Regional Director for Southern Europe at DNV, commented on the transaction, saying that refinancing a portfolio of this size and geographic diversity reflects the maturity and bankability of European solar assets. He emphasized that DNV’s independent technical review was critical for providing lenders with the assurance needed to proceed and highlighted the importance of solar power in advancing a secure and sustainable energy future for Europe. This transaction builds on the ongoing partnership between DNV and Sonnedix, following a similar successful due diligence process for a multi-billion euro refinancing completed last year.