May 30, 2019Sonnedix Power Holdings Limited
Sonnedix Power Holdings Limited
Senior Long-Term Debt Project Financing
Sonnedix Power Holdings Limited (together with its subsidiaries, “Sonnedix”) is an Independent Solar Power Producer (“IPP”) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix acquires, develops, builds, owns and operates solar power plants globally. Present in Chile since 2015, Sonnedix currently has over 400 MW of utility scale solar photovoltaic projects under development, construction or in operation in the Chilean market.
Pan American Finance advised Sonnedix on structuring, approaching potential lenders and raising US$99 million in new non-recourse project financing to further expand its presence in Chile through Sonnedix’s 171MWp Atacama Solar PV plant. The project financing is being provided by CAF –Development Bank of Latin America, as Lead Arranger, Administrative Agent and Senior Lender, and by Banco BICE and Banco Security, as Senior Lenders. The Atacama Solar PV plant is located in the Pica district in the Atacama Desert in Chile, an area with the highest solar irradiation worldwide. The project will be the second largest solar project in the country once completed. The Atacama Solar PV plant will generate approximately 470GWh of clean electricity annually, avoiding the emission of around 200,000 metric tons of CO2 per year (based on IEA methodology and emissions factor for Chile) compared with thermal generation.
For additional information on Sonnedix and the Atacama Solar PV project find the official press release here.