Sonnedix secures $1.3 billion refinancing for Chile solar, wind and storage portfolio

Sonnedix said it has obtained $1.3 billion through a refinancing transaction covering roughly 1 GW of operating solar and wind capacity in Chile, along with a 117 MW battery energy storage system (BESS) under construction.

Sonnedix Chile said the refinancing supports its existing renewable portfolio and its energy storage and hybrid project pipeline. The group, which has a global portfolio of nearly 12 GW across Chile, France, Italy, Poland, Portugal, Spain and the United Kingdom, said the deal is the largest and most innovative refinancing completed by its Chilean business to date.

Sonnedix operates about 1.18 GW across 41 projects in Chile, according to the company’s website. The company did not identify which assets were included in the roughly 1 GW refinancing pool.

The battery storage component is likely the Librillo project – Sonnedix’s only 117 MW standalone BESS currently under construction in Chile, located in the municipality of Taltal, in the Antofagasta region. It is expected to begin commercial operation in April 2027, according to a separate company announcement last April of three signed power purchase agreements (PPAs) with Copec EMOAC.

Sonnedix said the refinancing is backed by a revenue mix of investment-grade private PPAs and regulated-market contracts, without disclosing the split between the two or naming other offtakers. Industry analysts have linked battery-storage economics in northern Chile to the region’s high rate of solar penetration, which has driven strong day-night price spreads and curtailment risk, strengthening the bankability case for storage arbitrage and capacity payments in the country.

Axel Thiemann, CEO of Sonnedix, said the refinancing reflects lender confidence in the company’s ability to execute at scale and its commitment to the energy transition. Miguel A. García Mascuñán, chief financial officer at Sonnedix, said the deal gives the company financial flexibility to pursue new storage and hybrid projects in Chile.

Seven commercial banks supported the transaction. BNP Paribas, Bank of America, Crédit Agricole CIB and Santander acted as joint lead arrangers and joint bookrunners, while BBVA, Goldman Sachs and MUFG participated as mandated lead arrangers. Crédit Agricole CIB served as hedging coordinator, BNP Paribas acted as financial adviser, and Centrus served as hedging adviser.

The transaction is one of several large renewable and storage financings in Chile this year. In April, AES Andes revealed plans to invest more than $1.3 billion in its multi-phase Antofagasta solar-plus-storage hub, while Opdenergy secured $227 million in July to refinance a 371 MW operating renewable portfolio in the country.

Earlier this month, Grenergy also completed the sale of its 272 MW/1,100 MWh Gabriela project, the fourth phase of its Oasis de Atacama platform, to CVC DIF for $475 million in enterprise value. The deal underscores investor appetite for Chile’s solar-plus-storage market, even as project sponsors take different paths to capital – refinancing existing assets, as Sonnedix has done, versus selling operating projects outright.