Sonnedix to close USD 15M financing in Puerto Rico
Sonnedix, a global independent solar power producer, has announced the completion of a non-recourse financing of solar photovoltaic plants in Puerto Rico, at a value of USD 15million. City National Bank, Florida’s third-largest bank, acted as Lender.
Sonnedix started operations in Puerto Rico in 2015, where it currently has two operational solar PV plants with a combined capacity of 73MW and more than 50MW of solar power capacity under development on the island.
Carlos Guinand, Chairman of Sonnedix, said: “The financing further demonstrates our long term commitment to, and confidence in, Puerto Rico – through the provision of reliable, renewable energy supply and also in terms of working in partnership with the community by supporting the local economy, providing employment opportunities and protecting the environment.”
Sonnedix’s Puerto Rico solar plants adhere to the strict Minimum Technical Requirements of the Puerto Rico utility, PREPA. The Sonnedix Oriana 57.7 MW solar PV plant was recognized by the Puerto Rico Builders Association (PRBA) in 2018 as the “Work of Industrial Impact of the Year” due to its resilience in the face of Hurricane Maria in 2017. In the aftermath of the hurricane, the Sonnedix worldwide team raised USD 86,000, which was used to provide sustainable access to clean drinking water through water filtering systems and medical supplies to the communities near its solar plants and emergency power generation facilities for local hospitals.
At the peak of Oriana’s construction phase, Sonnedix employed 1,100 local residents, all of whom had been recruited through a joint effort with government employment offices. The solar PV plant meets the annual electricity needs of more than 12,000 homes and offsets 77,000 US tons (over 69,000 metric tons) of carbon dioxide emissions per year – the equivalent of the carbon sequestered by 81,000 acres of US forests. Sonnedix continues to work proactively in the community through its environmental mitigation efforts, which have included planting 3,800 trees at the Pastillo Natural Reserve in Isabela.
Sonnedix was advised by DLA Piper for this transaction.
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