Crédit Agricole CIB supports Sonnedix in the refinancing of a 1.1GW European solar photovoltaic portfolio

Client successes
18/12/2024

Crédit Agricole CIB supports Sonnedix as Co-Financial Advisor and Mandated Lead Arranger in the refinancing of a 1.1GW European solar photovoltaic portfolio. The deal, valued at EUR2.5 billion, is one of the largest renewable financing transactions in Europe in 2024, highlighting both the scale and the importance of the renewable energy transition.

Crédit Agricole CIB played a key role as co-financial advisor, bookrunner, mandated lead arranger (MLA) and hedge provider in this landmark transaction. 

The highly diversified and contracted portfolio spans several European countries, including Spain, Italy and France, with the ability to further expand to the UK and across Europe. This marks a major milestone for Sonnedix, providing significant financial flexibility and capacity to accelerate its development pipeline.

The deal is not just a significant financial milestone but an impactful operation for sustainability and green financing, aligning with global efforts to reduce carbon emissions and promote clean energy. It supports the European renewable energy transition and highlights Sonnedix’s commitment to a low-carbon future.

This great success can be attributed to the close collaboration between Sonnedix and Crédit Agricole CIB, along with other key stakeholders including the wide range of experts within the deal team, from various divisions, departments and support functions. The transaction marks a significant step forward in the renewable energy financing, demonstrating the power of collaborative partnerships in accelerating the transition to a sustainable, low-carbon future.

We are honoured to have acted as Financial Advisor to Sonnedix in the transformational €2.5bn financing of a highly contracted, yet financially atomised, 1.1GW multi-national European portfolio into a single debt platform. The new platform is structured to accommodate growth whilst embedding the required flexibility to adapt to the rapidly evolving markets. Toro is an illustrative example of Crédit Agricole CIB’s global leadership in the energy sector with proven skills to execute complex multi-country transactions at the service of our clients. The magnitude of the transaction demanded a cohesive multi-skill execution team which endorsed our institution’s unrivalled capabilities and market competitiveness.

Alfonso Pérez

Head of EIG Iberia

We are very pleased to have supported our client in this landmark transaction. This transaction not only represents a significant achievement for our client and the bank, but also highlights our dedication to promoting sustainable energy solutions in Europe. Through bringing together the concerted and strengths of our specialised teams, we have been able to deliver a resounding success for our client, one the most active investors in renewable energy platforms in Europe. A testament to our ability to structure innovative financing solutions in a very competitive market.

Michael Nowak

Global Head of Infrastructure Coverage

Toro is a major achievement for Crédit Agricole CIB, evidencing the expertise of our Energy and Real Assets team, both on the Advisory and the Lending fronts, to successfully bring to the market an innovative solution. The size, the complexity and the flexibility obtained by this structure is remarkable. 
Crédit Agricole CIB’s strong support to this landmark transaction demonstrates, once again, our commitment to energy transition and to our clients.

Guillaume Richard

Global Head of Power & Utilities

Client successes
Green finance
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