Sonnedix and Cox Energy América have closed a financing of USD 120M from Sumitomo Mitsui Bank Corporation (SMBC) through the joint venture Sonnedix Cox Energy Chile, on which Sonnedix holds a 70% while Cox Energy América has the remaining 30%.
The financing will cover the IPP's 160MWp development project Sonnedix Meseta de Los Andes solar PV plant, in Chile.
This project, located in the Valparaíso Region of Chile, in the municipalities of Calle Larga and Los Andes, is the IPP's second largest solar photovoltaic plant to date, after the completion and start of operations of 170MW Sonnedix Atacama Solar, in the Atacama Desert, in early 2021.
On its end, Cox Energy América recently announced the start of construction at the end of 2021 of 308MWp in the region of Atacama.
During construction, Sonnedix Meseta de Los Andes will create approximately 450 new local jobs, playing an active role in the social and economic development of the region, as well as Chile's energy transition.
Once completed, the solar PV plant will generate over 385GWh of clean electricity per year, avoiding around 160,000 tons of CO2 and powering 186,000 homes.
Axel Thiemann, CEO of Sonnedix, stated "We are very proud of the hard work done by our team to materialize Sonnedix Meseta de Los Andes. This is a project of great magnitude for our company at a global level. More importantly, it is testament to our commitment with the Chilean market, as we continue contributing to the consolidation of renewable energies in the country and the establishment of better living conditions for new and future generations."
Enrique Riquelme, President and CEO of Cox Energy América, said "for our company it means consolidating our presence in Chile, as well as strengthening the commitment with this country, one of our core activity focuses, in terms of investment, wealth creation and employment. Cox Energy America aims to contribute to economic growth based on caring for the environment and people's quality of life".
Sonnedix, present in Chile since 2015, has a portfolio of solar PV projects under development, construction, and operation reaching a total of 1.15GW in Chile, and over 4GW of total controlled capacity across eight countries.
Cox Energy América, present in Chile since 2014, counts with a global pipeline of over 2GW in various stages of development across Chile, Mexico, Colombia, Panama, Central America and the Caribbean.