Eversheds Sutherland advises senior lenders to Sonnedix in relation to €500m multicurrency debt facilities with €500mn incremental for the delivery of solar PV projects across Europe

The €500m multicurrency facility includes a €450m capital expenditure facility and a €50 million letter of credit facility. The transaction features a number of first of a kind innovations.

Eversheds Sutherland’s Energy & Infrastructure Finance team was led by Energy & Infrastructure Finance Partner, Mark Dennison, supported by Eunice Wong, Associate.

The global law firm drew on its various legal capabilities from across Europe and North America and included significant support from: Partners Jonathan Master, Teresa Villarroya, Ricardo Couto, Miguel Lorena Brito, Umberto Mauro, Daniela Viaggio, Jonathan Malim (DCM, London) and Eugenia Garcia Calzada-Villar, Lawyer, and Marta Becker Robles, Lawyer (Madrid), Celine Balleyguier, Associate, Ignazio d'Andria, Associate (Milan).

Stephen Hill, Global Co-Head of Energy, Eversheds Sutherland, commented:

“We are delighted to have supported Sonnedix and its lenders on one of the largest and most complex solar financings in Europe for 2023. Building on a number of other large and innovative renewable energy financings ES has successfully closed this year, this transaction notably shows the strength and breadth of our offering across Europe and ability to deliver collaboratively on complex, time-critical deal execution.”

Mark Dennison, Energy & Infrastructure Finance Partner, Eversheds Sutherland, commented:

“The transaction reinforces the emergence of platform financings as a distinct proposition to deliver established technologies for strong sponsors at scale over multiple jurisdictions. A number of features of this transaction were novel and we are anticipating more innovation as the platform financing market grows further in 2024.”