Sonnedix Acquires 136MWp Vela Portfolio in Spain in one of the largest solar PV Deal in Europe

Global PV developer Sonnedix has successfully acquired a 136MW solar portfolio from Centerbridge Partners, which is believed to be one of the largest Solar PV transactions in Europe.

Sonnedix has successfully closed a transaction to acquire the 136MWp Vela Portfolio from Centerbridge Partners, in one of the largest solar PV transactions in Europe. The portfolio comprises 43 operating and financed Solar PV plants in Spain, making Sonnedix the 2nd largest solar PV player in Spain.

The transaction brings Sonnedix’s total operating capacity to over 500MW globally. Sonnedix Group is majority owned by institutional investors advised by J.P. Morgan Asset Management, and with this acquisition it will have invested in excess of EUR 1bn into new assets over the last 12 months.

As part of the transaction, Sonnedix and the management team that worked with Centerbridge to build and operate the portfolio have entered into a partnership to continue to acquire solar PV assets in Spain and beyond. In addition, Sonnedix and Centerbridge have agreed to explore additional opportunities for further collaboration in Europe.

“We are very pleased to announce the successful closing of the Vela Portfolio transaction, our largest in Europe to date” said Andreas Mustad, CEO of Sonnedix. “The acquisition is a major milestone for Sonnedix, demonstrating our long-term commitment to continued growth and taking our global operating capacity over 500MW.”

Sonnedix was advised by Uria Menendez (legal), Enertis (technical) and KPMG (accounting / tax). Centerbridge Partners was advised by Bank of America Merrill Lynch and Deutsche Bank (financial), Linklaters, Cuatrecasas, Gonçalves Pereira (legal), G-Advisory (technical) and Deloitte (accounting).

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