Sonnedix has secured €160 million ($195.3 million) of non-recourse financing for solar PV projects in Italy.

The financing deal includes a debt-service reserve facility and a long-term facility, which has already been partly disbursed to refinance 29.3 MWp of PV capacity at 21 sites throughout Italy. The remaining funds will be allocated in the future, as Sonnedix adds more PV projects to its portfolio.

Crédit Agricole Corporate and Investment Bank served as mandated lead arranger, green loan lead coordinator and lender, while Société Générale and UBI Banca also acted as mandated lead arrangers.

Sonnedix’s operating capacity in Italy has expanded to 249.5 MW this year. The new refinancing package is part of its long-term European growth strategy.

“This financing will enable us to continue to invest in the development and acquisition of new plants in Italy,” said Sonnedix CEO Axel Thiemann. “We continue to build strong relationships with our lending banks – both international and local – as we develop, acquire, own and operate assets for the long term across our global portfolio.”