Sonnedix Secures €2 Billion Refinancing for Solar Growth in Europe

Sonnedix, a leading player in the global renewable energy landscape with an operating capacity exceeding 4 GW, has secured €2 billion through two significant refinancing transactions in Europe. This move marks a crucial milestone in the company’s ongoing strategy to expand its renewable energy footprint across the continent. It also builds upon the €3.25 billion financing secured in December 2024, further reinforcing Sonnedix’s financial resilience and operational scalability as it accelerates deployment of its multi-technology platform comprising solar, storage, and wind.

Strategic Capital Deployment Across Key European Markets

The first tranche of this refinancing initiative was finalized in June 2025, spearheaded by CaixaBank. It included multiple non-recourse financial structures, such as project bonds and totaled €595 million. This capital was directed toward refinancing 154 MW of assets within Sonnedix’s regulated Spanish portfolio, a key market where the company maintains deep operational roots. The structure of the transaction reflects a tailored approach to financial engineering, aligning closely with the company's asset base and regulatory dynamics in Spain.

Pan-European Scale-Up Supported by Second Transaction

A second and much larger refinancing deal was completed in July 2025. Valued at €1.37 billion, alongside an ancillary facility, the transaction targets the refinancing of 1,040 MW of both operational and pipeline solar PV assets. These assets are geographically distributed across France, Italy, Poland, Spain, and Portugal, markets central to Sonnedix’s European growth strategy. The infusion of capital not only strengthens the financial underpinnings of existing projects but also positions the company to deploy new capacity in areas with favourable policy and grid dynamics.

Creating a Scalable and Streamlined Financial Platform

By consolidating twelve distinct project financings into two large-scale transactions, Sonnedix has created a streamlined and scalable debt platform. This restructuring is not merely a simplification exercise; it is a deliberate step toward building a future-proof financial infrastructure. The platform is designed to support continued growth, encourage the integration of hybrid technologies, and enable dynamic capital allocation that aligns with the company’s evolving strategic priorities.

A Robust Syndicate of Financial Institutions Backs the Deal

The success of these transactions was made possible through the participation of a well-diversified syndicate of ten financial institutions, comprising both long-standing partners and new entrants to the Sonnedix portfolio. The inclusion of a wide range of credible lenders demonstrates market confidence in the company’s business model and long-term vision. It also reflects the growing investor appetite for high-quality, utility-scale renewable infrastructure assets across Europe.

Through these latest refinancing deals, Sonnedix has not only reaffirmed its position as a capital-efficient, growth-oriented renewable energy leader but also laid a firm foundation for its next phase of expansion across multiple technologies and markets.

Sonnedix’s CEO, Axel Thiemann, commented: “Sonnedix’s project financing capabilities continue to go from strength to strength, demonstrated by these latest refinancings. As we scale our multi-technology portfolio, our team continues to find smarter, more flexible ways to structure larger, portfolio-level financings to enable us to invest in new growth opportunities, particularly in storage. By unlocking capital through refinancing, we can accelerate the build-out of clean energy projects, making a bigger impact, faster.”

Sonnedix’s CFO, Miguel García Mascuñán, added: “Today’s refinancing transactions are aimed at optimising our capital structure, lowering the cost of capital, and reducing risk. They adopt a similar structure to our largest refinancings, announced in December 2024, where we secured €3.25 billion. It’s particularly encouraging to see continued support from our existing banking partners, alongside new institutions. This reflects growing confidence in not only Sonnedix’s growth strategy, but also in the long-term value of well-structured, utility scale renewable energy assets.”