- United Kingdom
Eversheds Sutherland advises Sonnedix on its €100m partnership with Amundi Energy Vertes
Eversheds Sutherland has advised Sonnedix on a partnership with Amundi Energy Vertes, which will see significant further investment by Sonnedix of over €100m in Europe’s solar photovoltaic (PV) market.
The partnership allows Sonnedix to invest in a mix of solar projects across Europe, which includes existing and planned assets due to be acquired into Sonnedix’s growing portfolio. Sonnedix’s sale of a minority stake to, and joint venture agreement with, Amundi Energy Vertes is expected to formally complete before the end of 2020.
A cross-border team from Eversheds Sutherland’s Global Energy Group advised Sonnedix on the partnership, in relation to the agreement of the minority interest sale, joint venture arrangements and framework for future acquisitions into a new entity, jointly held by Sonnedix and Amundi Energy Vertes.
Sonnedix is a global solar independent power producer which began operations in 2009. It currently operates more than 260 solar PV sites in eight countries, with a total controlled capacity of 1.9GW. Amundi Energy Vertes is an investment vehicle jointly owned by Amundi SA and Crédit Agricole Assurances.
Stephen Hill, Partner, Global Energy Group, from Eversheds Sutherland, said:
“We are delighted to have worked with Sonnedix on this strategically important transaction. This gives them a great platform to expand its European footprint and drive its energy transition ambitions. This was a complicated cross border transaction, working with our client to establish long term pipeline arrangements and providing an innovative funding structure for Sonnedix to expand its portfolio of solar assets within Europe. We are proud to have been at the heart of it, working alongside its commercial and legal teams.”
Axel Thiemann, CEO of Sonnedix, commented:
“Our partnership with AEV not only highlights our long-term commitment to our European markets, but also to the solar power industry as a whole, and to our active role in pushing the energy transition forward.”
Carlos Guinand, Executive Chairman of Sonnedix, also commented:
“It is through strategic partnerships like this that we are capable of a continuous sustainable growth, putting our ESG standards and practices at the forefront of our business.”
Eversheds Sutherland’s cross-border team was led by Stephen Hill, supported by Ben Jones, Partner, Tax; Helen Mackey, Principal Associate, Tax; Will Glover, Senior Associate, Corporate; and Francisco Pimentel, Associate, Corporate. The team was supported in Europe by Jacques Bouillon, Partner, Projects; and Charles Bresson, Senior Associate, Corporate, in France; Miriam Van Ee, Partner, Corporate in the Netherlands; Carlos Pemán, Partner, Restructuring; David Williams, Of Counsel, Corporate; and Marta Vizcaino Martin, Council, Corporate, in Spain; and Alessandro Greco, Partner and National Head of Antitrust and Competition; Alessandro Vischi, Partner, Corporate; and Daniela Viaggio, Of Counsel, Projects, in Italy.
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