Sonnedix Secures $15 Million for Puerto Rico Solar Plant
SAN JUAN – Amsterdam-based solar power producer Sonnedix has announced the completion of a non-recourse financing of solar photovoltaic plants (PV) in Puerto Rico, at a value of $15 million, from Florida’s City National Bank.
Sonnedix started operations in Puerto Rico in 2015, where it has two operational solar PV plants with a combined capacity of 73 megawatts (MW) and more than 50MW of solar power capacity under development on the island.
“The financing further demonstrates our long term commitment to, and confidence in, Puerto Rico – through the provision of reliable, renewable energy supply and also in terms of working in partnership with the community by supporting the local economy, providing employment opportunities and protecting the environment,” Sonnedix Chairman Carlos Guinand said in a release.
Sonnedix’s Puerto Rico solar plants “adhere to the strict Minimum Technical Requirements” of the Puerto Rico Electric Power Authority (Prepa), the company said in its release.
The Sonnedix Oriana 57.7 MW solar PV plant was recognized by the Puerto Rico Builders Association (PRBA) in 2018 as the “Work of Industrial Impact of the Year” due to its resilience in the face of Hurricane Maria in 2017.
In the aftermath of the hurricane, the Sonnedix worldwide team raised $86,000, which was used to provide sustainable access to clean drinking water through water filtering systems and medical supplies to the communities near its solar plants and emergency power generation facilities for local hospitals.
At the peak of Oriana’s construction phase, Sonnedix employed 1,100 residents, “all of whom had been recruited through a joint effort with government employment offices,” the company stressed.
Sonnedix said the plant meets the annual electricity needs of more than 12,000 homes and offsets 77,000 U.S. tons (more than 69,000 metric tons) of carbon dioxide emissions per year – “the equivalent of the carbon sequestered by 81,000 acres of US forests,” the release reads. “Sonnedix continues to work proactively in the community through its environmental mitigation efforts, which have included planting 3,800 trees at the Pastillo Natural Reserve in Isabela.”
According to industry publication PV-Tech, Sonnedix announced the purchase of a 23MW Italian portfolio in December, and “has been growing rapidly, having toasted the purchase or commissioning of major PV projects in France, Spain,and Chile over the past 12 months.”