European renewable energy developer Sonnedix has completed the acquisition of a 416MW solar portfolio in Chile from Enel Chile in a $556m deal.

Sonnedix has acquired Arcadia Generacion Solar, a company that owns a portfolio of four operating solar plants.

The transaction, first announced in July 2023, was completed after approval from the Chilean antitrust authority, Fiscalía Nacional Económica.

The deal positions Sonnedix as one of the largest renewable energy producers in the country with more than 2.5GW of capacity. It is the company’s largest acquisition of operating assets.

The four solar plants – the 36MW Diego de Almagro, the 97MW Carrera Pinto, the 79MW Pampa Solar Norte and the 204MW Domeyko – are in Atacama and Antofagasta, northern Chile, and together generate one terawatt-hour of clean energy annually.

The power is sold under a long-term power purchase agreement (PPA) with Enel Green Power.

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Sonnedix also closed $624m in acquisition financing from BNP Paribas, SMBC and Société Generale, Crédit Agricole CIB and DNB Bank.

This includes the refinancing of the company’s Atacama Solar, a 170MW facility that began construction in 2019 and was connected to the national electric grid in 2021.

Sonnedix CEO Axel Thiemann stated: “The acquisition of this portfolio demonstrates Sonnedix’s strong and long-standing commitment to helping Chile meet its renewable power goals. The refinancing recognises this strategy, the growing scale of our platform in the country and the enduring strength of the relationships with our banking partners.

“I am delighted to be adding another PPA to those already agreed this year. This is an important step as we continue expanding our global portfolio of renewable energy assets, and to leading the energy transition in Chile.”

Enel stated that the transaction was in line with its strategic priorities, contributing to its objective to improve return on capital.

The sale will support its future development plans. The proceeds from the transaction will positively impact its net debt.

In mid-October 2023, Enel sold its 150MW geothermal and solar portfolio in the US to Ormat for $271m.