Sonnedix to acquire 136MWp Vela Portfolio in Spain

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Sonnedix to acquire 136MWp Vela Portfolio in Spain

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Sonnedix is pleased to announce it has signed a transaction to acquire the 136MWp Vela Portfolio from Centerbridge Partners, comprising 43 operating and financed Solar PV plants in Spain, making Sonnedix the 2nd largest Solar PV player in Spain.

The transaction is expected to close in Q1 and will bring Sonnedix’s total operating capacity to almost 500MW globally. Sonnedix Group is majority owned by institutional investors advised by J.P. Morgan Asset Management, and has invested in excess of EUR 600 million in new assets in the past 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.

“The acquisition of the Vela Portfolio and the re-entering of the Spanish Solar PV market is an important milestone for Sonnedix. The acquisition comes with an important pipeline, increases our global capacity to almost 500MW and demonstrates our long-term commitment to continued growth” said Axel Thiemann, Sonnedix’s Executive Vice President of Commercial.

Lars Meyer, on behalf of Centerbridge, noted that “Centerbridge is pleased that the platform of premier solar assets in Spain that we and the Vela management team have aggregated is now being acquired by Sonnedix, a leading solar independent power producer with a distinguished track record.”

Iñigo Olaguibel, on behalf of the management team, commented that “the Vela management team have enjoyed an excellent partnership with Centerbridge, and we look forward to continuing to grow with Sonnedix as our new partner.”

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