Infrastructure debt funds managed by Edmond de Rothschild and France’s La Banque Postale Asset Management have backed the €74 million refinancing of an 18.2MW solar portfolio in Spain.
The funds subscribed to a fixed-rate bond issuance to refinance the debt attached to the projects owned by Sonnedix, the JPMorgan-owned solar operator.
They were bought by Sonnedix earlier this year as part of an acquisition of sites with a combined 136MW capacity from private equity firm Centerbridge Partners, representing Sonnedix’s entry into Spain. Its presence in the country was consolidated last month when it bought a further 22MW from Impax Asset Management.
Sonnedix said the refinancing facilities of part of this portfolio were provided by Edmond de Rothschild’s BRIDGE platform, as well as funds managed by LBPAM.
Edmond de Rothschild is currently investing the second instalment of BRIDGE, and has received commitments of more than €1 billion across its three infrastructure debt strategies. LBPAM is investing its first infrastructure debt vehicle and has previously backed deals including those for Lyon Airport and France’s A41 motorway.
Sonnedix last week sold 17.5MW of assets in Thailand to renewables and storage investment platform Constant Energy. The company retains a 4.5MW operating portfolio in Japan, in addition to a pipeline totalling more than 500MW in the country.