Sonnedix sells Puerto Rico solar operations to ArcLight’s Infinigen platform
Nearly 10 years after breaking ground on its solar energy operations in Puerto Rico, global independent power producer Sonnedix announced the sale of 100% of its interest in its local operation to ArcLight’s Infinigen renewables platform.
The financial terms of the transaction were undisclosed.
The transaction includes Sonnedix USA Ltd, Sonnedix Solar Puerto Rico, Sonnedix Solar Puerto Rico Holdings Ltd, and Sonnedix Solar Puerto Rico Holdings II Ltd.
The Puerto Rico operations is comprised of two operating solar PV plants — Oriana and Horizon — totaling 73.2MW, and a dedicated operating and asset management team, plus other entities pursuing additional solar and battery energy storage in Puerto Rico.
The Oriana Solar farm began producing energy in Isabela in September 2016, News is my Business reported.
The operations will do business under the Infinigen name after the deal closes, Sonnedix confirmed.
“After a decade present in Puerto Rico, we have decided to move our operations away from the island to focus on our sustainable growth strategy in other markets in the USA.” said Axel Thiemann, CEO of Sonnedix.
“Puerto Rico will always be part of our growth story and we bring with us an important learning journey and the honor to have worked with a deeply committed and dedicated team of experts,” he said.
“We believe this is also an opportunity for both the assets and the team to expand and grow, within the Infinigen platform,” Thiemann said.
In 2020, Sonnedix closed on a $15 million financing transaction for its solar photovoltaic plants in Puerto Rico, provided by City National Bank in Florida.
“This transaction represents the first acquisition by our Infinigen platform — an attractive opportunity to back the premier renewable asset owner, operator and developer in Puerto Rico,” said ArcLight Founder Dan Revers.
“ArcLight looks forward to supporting Infinigen’s mission to provide low-cost, renewable electricity to North American communities. Over its 20-year history, ArcLight has invested over $4 billion in 5 GW of renewable assets, and this transaction is testament to our continued commitment to enabling decarbonization and sustainability,” he said.
The transaction is expected to close in two stages between December 2021 and March 2022, subject to regulatory approvals and closing conditions.
On this transaction, Sonnedix was advised by DLA Piper as primary legal counsel, while Latham & Watkins served as primary legal counsel to ArcLight.