Solar power producer Sonnedix closes $15M financing in P.R.
Sonnedix, a global independent solar power producer, announced the completion of a non-recourse financing of solar photovoltaic plants in Puerto Rico, at a value of $15 million.
City National Bank, Florida’s third-largest bank, acted as lender, the company said.
Sonnedix started operations in Puerto Rico in 2015, where it currently has two operational solar PV plants with a combined capacity of 73MW and more than 50MW of solar power capacity under development on the island.
“The financing further demonstrates our long-term commitment to, and confidence in, Puerto Rico — through the provision of reliable, renewable energy supply and also in terms of working in partnership with the community by supporting the local economy, providing employment opportunities and protecting the environment,” said Sonnedix Chairman Carlos Guinand.
Sonnedix’s Puerto Rico solar plants adhere to the strict Minimum Technical Requirements of the Puerto Rico Electric Power Authority, it confirmed.
The solar PV plant meets the annual electricity needs of more than 12,000 homes and offsets 77,000 U.S. tons (more than 69,000 metric tons) of carbon dioxide emissions per year.
The Sonnedix Oriana 57.7 MW solar PV plant was recognized by the Puerto Rico Builders Association in 2018 as the “Work of Industrial Impact of the Year” due to its resilience in the face of Hurricane María in 2017.
In the aftermath of the hurricane, the Sonnedix worldwide team raised $86,000, which was used to provide sustainable access to clean drinking water through water filtering systems and medical supplies to the communities near its solar plants and emergency power generation facilities for local hospitals.
Sonnedix continues to work proactively in the community through its environmental mitigation efforts, which have included planting 3,800 trees at the Pastillo Natural Reserve in Isabela, it confirmed.
Sonnedix was advised by DLA Piper for this transaction.
