Sonnedix, the global solar independent power producer (IPP), and Natixis have successfully closed senior facilities totalling US$87 million for an expected 100 MWp portfolio of approximately 20 solar photovoltaic (“PV”) plants in Chile (the “Sonnedix PMGD Portfolio”).

The Sonnedix PMGD Portfolio consists of solar photovoltaic projects that operate under Chile’s special regime for distributed generation projects (the “PMGD” regime by its Spanish acronym). PMGD projects are entitled to be remunerated for their generation at a regulated stabilized price. The four initial solar PV plants in the Sonnedix PMGD Portfolio have total capacity of 25 MWp. The financing structure provides Sonnedix with the flexibility to add additional solar PV PMGD projects to the portfolio, subject to meeting pre-defined eligibility criteria. Sonnedix plans to add two new plants to the Portfolio, with combined capacity of 14 MWp, by June 2020, and projects with a further 61 MWp in combined capacity during the term loan availability period.

“This financing allows us to further expand our presence in the Chilean market and helps establishing Sonnedix as a strong contributor to the country’s long-term commitment to renewables and stable regulatory environment” said Axel Thiemann, CEO of Sonnedix. “We continue actively seeking opportunities to invest and develop projects that will help achieve key strategic goals for the country’s power system.”

“This marks the fourth PMGD loan portfolio term financing arranged by Natixis over the past 12 months; these transactions further consolidate Natixis’ leadership amongst financial institutions in the PMGD space”, said Aitor Alava, Managing Director, Head of Infrastructure Finance, Latin America at Natixis.

The PMGD regime was created in 2005 with the goal of incentivizing greener and more distributed electricity generation. The Sonnedix PMGD Portfolio contributes these goals, and more broadly to the country’s target of 20% of installed electricity generation capacity being from non-conventional renewable sources by 2025.

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