Sonnedix has entered into a partnership with a fund managed by Amundi, Amundi Energies Vertes (AEV), a renewable infrastructure investment vehicle, to invest in the European solar PV market.
This partnership relies on two main pillars: an initial investment of €50 million in the European solar PV market; and a commitment to invest a similar amount in projects developed or acquired by Sonnedix through a dedicated platform.
The initial transaction, expected to close before the end of 2020, consists of a mix of operating assets across several European countries and will give AEV further access to new growth investments within this region with Sonnedix, a key player within the European market with an asset base that exceeds 900 MW.
The agreement consolidates Sonnedix's position and rapid growth across European markets, where it started operations in 2009. Today, Sonnedix is among the top five solar IPPs in Spain, Italy and France.
Axel Thiemann, CEO of Sonnedix, said: "Our partnership with AEV not only highlights our long-term commitment to our European markets, but also to the solar power industry as a whole, demonstrating our active role in pushing the energy transition forward."
Carlos Guinand, Executive Chairman of Sonnedix, added: "It is through strategic partnerships like this that we are capable of continuous sustainable growth, putting our ESG standards and practices at the forefront of our business."
For this transaction, Sonnedix was advised by Astris Finance as financial advisers and Eversheds Sutherland (International) LLP as legal counsel.