ndependent power producer (IPP) Sonnedix has achieved financial close for a 102MW solar PV portfolio spanning Spain and Italy, securing a €67 million construction financing package from a consortium of leading financial institutions.

The financing deal involves Banco Santander, Banco Sabadell, BBVA, Rabobank, CIBC and NatWest, supporting four ongoing solar PV projects currently under construction across the two European markets. The transaction is part of Sonnedix’s established financing platform, which funds the development and construction of renewable energy assets across multiple European countries, including the UK.

Daniel Machuca, global head of project finance at Sonnedix, highlighted the complexity of the cross-border deal. “This financing has been particularly complex due to its cross-border nature and the simultaneous closing in two jurisdictions,” Machuca said. “Its success demonstrates our ability to deliver efficient financing solutions and advance our European renewable portfolio through close collaboration with financial partners.”

The financing backs one solar project in Spain and three in Italy. The Spanish asset, the 25MW Sonnedix Duquesa PV plant in the Valencian community, is scheduled to commence commercial operation in the second half of 2026. Set to adopt the company’s hybrid energy strategy, the plant will be integrated with a battery energy storage system (BESS) in a future development phase.

The three Italian projects belong to the firm’s Dolce Vita five-plant PV portfolio, comprising the 38MW Sonnedix Latina 3 and 21MW Sonnedix Cisterna near Rome, as well as the 18MW Sonnedix Cascinetto in northern Italy. All three Italian solar assets have secured 20-year contracts for difference (CfD) via Italy’s FER X renewable energy scheme, which allocated nearly 8GW of solar PV capacity in 2025.