Global law firm Norton Rose Fulbright has advised international solar operator, Sonnedix Group, as sponsor, and Sonnedix Santa Lucia, the borrower, on the limited recourse refinancing of a portfolio of 23 photovoltaic parks in Italy. The portfolio has a total installed capacity of 47.3MW.

A syndicate of banks comprising Natixis S.A., Milan Branch, Banco Santander S.A., Milan Branch, and UBI Banca S.p.A. acted as Mandated Lead Arrangers for the €157.8m financing provided to Sonnedix Santa Lucia. The financing was mainly used to refinance the existing debt incurred by the special purposes companies owned by Sonnedix Santa Lucia for the construction of the plants.

Sonnedix is majority owned by institutional investors advised by J.P. Morgan Asset Management and has operations across Europe, Asia, the US, Africa and Latin America.

The Norton Rose Fulbright team was led by partner Arturo Sferruzza, who heads the banking and energy teams in the firm’s Milan office. He was assisted by Of Counsel Elisabetta Negrini, senior associates Marcello Ciampi and Ginevra Biadico, and trainees Luigi Mazzola and Lisa Rancitelli.

Arturo commented:

“This is the second large renewable energy refinancing we have completed for Sonnedix in the context of the continuing growth of its portfolio of solar assets in Italy. We were delighted to work together with Sonnedix and the wider team of banks, financial and other advisors to ensure the successful completion of this transaction.”