Sonnedix, the global independent solar power producer (IPP) has acquired Eliantus, a fully-operating portfolio under the Spanish regulatory regime, from JZI and Elliott.
The 74.7 MW portfolio is comprised of 22 ground-mounted PV plants, operating since 2008- 2013, located in Valencia, Toledo, Sevilla, Cáceres, Murcia, Badajoz and Albacete.
Axel Thiemann, CEO of Sonnedix, said: "under these unprecedented times, it is with agreements like this that we deliver on our long-term commitment with the Spanish market, playing an active role in the economic recovery of the country while continuing to fulfil our purpose of harnessing the power of the sun to build a bright future."
The acquisition brings the Sonnedix Spanish portfolio to a capacity of 330.7 MWp, reinforcing the company's position as the top solar IPP in the country, and a leading player in the solar PV generation sector.
JZI Managing Partner, Miguel Rueda, said: "Eliantus is a highly successful result of our buy-and-build strategies across various sectors in Europe. This transaction, under the present circumstances, demonstrates the strong long-term fundamentals and the commitment of reputable institutional investors to the PV sector in Spain".
JZI Senior Partner, Alvaro Mata, said: "Our management partners together with JZI have done an outstanding job since creating Eliantus in 2017, consolidating a high-quality 74.7MW portfolio through various acquisitions and issuing two project-finance bonds prior to this sale. We thank them for all their hard work, and we hope we can continue developing more opportunities together".
On this transaction, Sonnedix was advised by EY for financial and tax due diligence, Vector Cuatro for technical due diligence, and Pérez Llorca as legal advisor.
On this transaction, JZI and Elliott have been advised by PWC as financial advisor and Herbert Smith Freehills as legal advisor.
