Sumitomo Mitsui Banking Corporation (SMBC) has closed a US$120 million financing for the Sonnedix Cox Energy Chile solar project. The project is 70% owned by global solar independent power producer (IPP) Sonnedix and 30% by renewable energy company Cox Energy America.
The financing will cover the IPP’s 160MW development project Sonnedix Meseta de Los Andes solar PV plant, which is located in the Valparaíso Region, in the municipalities of Calle Larga and Los Andes.
Both companies are already involved in other projects in Chile. The 170MW Sonnedix Atacama Solar, in the Atacama Desert, began operations in early 2021. Also, Cox Energy America recently announced that construction will begin at the end of 2021 for its 308MW project in the region of Atacama.
The Sonnedix Meseta de Los Andes solar PV plant will generate over 385GWh of clean electricity per year, avoiding about 160,000 tonnes of carbon dioxide and powering 186,000 homes.
Sonnedix Group is majority-owned by institutional investors advised by JP Morgan Asset Management. It has projects in countries including Japan, Spain, Italy, and South Africa.
Sonnedix has been present in Chile since 2015 and has a portfolio of solar PV projects under development, construction, and operation reaching a total of 1.15GW, and over 4GW of total controlled capacity across eight countries.
Cox Energy America (formerly Cox Energy Mexico) is a solar energy company incorporated in 2015 and dedicated to developing, promoting, and operating photovoltaic plants. The company is part of the Madrid-based corporate group headed by Cox Energy Solar, which was incorporated in 2014.
Cox Energy America has been present in Chile since 2014, has a global pipeline of over 2GW in various stages of development across Chile, Mexico, Colombia, Panama, Central America, and the Caribbean.