Carey and CorreaGubbins advised on the deal
Sonnedix, an independent solar power producer, is pleased to announce the acquisition of a controlling interest in Cox Energy Chile SpA and a strategic partnership agreement with Cox Energy involving the construction and operation of renewable energy projects in Chile.
Spain’s Cox Energy holds power supply contracts with 23 Chilean distribution companies through its subsidiary Cox Energy Chile SpA, totalling 264 GWh/year that will generate sustainable energy for consumers to meet Chile’s growing energy demand.
As a result of the acquisition, Sonnedix has secured a 20-year off-take commencing in 2022 and the option to acquire a 74 MW solar project that adds to its current development portfolio of more than 250 MW.
As part of the transaction, Sonnedix will partner with Cox Energy in managing a portfolio of operating assets that will become a platform for the development, operation and trading of solar power generation to sell electricity to clients in the Metropolitan Region. Under the agreement, the initial investment will be directed towards the construction of large scale facilities in Chile to supply the awarded power supply contracts in compliance with the tender process.
Sonnedix Power Holdings Limited (together with its subsidiaries, Sonnedix) is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally, including over 600 MW of photovoltaic power plants in operation, as well as several hundred MW under development, in Italy, France, Spain, USA/Puerto Rico, Chile, South Africa and Japan.
Cox Energy is a Spanish company in the non-conventional renewable energy industry (solar PV and wind power) that operates in countries with a high rate of growth in the clean energy sector. It is present in Latin America, Asia and Africa with over 3,000 MW of pipeline. Cox Energy signs agreements to bring strategic partners into the projects when they are ready for construction, and it retains an interest in these assets. Cox Energy’s partnerships with leading global business groups and its financial strength are allowing it to boost its expansion and diversify its markets and activities, in order to increase its value added of the whole business, including commercialization and distributed generation.
Carey advised Sonnedix Chile Holding with Juan Francisco Mackenna (Picture), Rosario Martínez, Manuel José Garcés, Carmenmaría Poblete, Guillermo Pumpin, Pablo Bucchi and Ricardo Edwards.
CorreaGubbins advised Cox Energy with Eduardo Torretti, Francisco Arguello, Francisco Alcaíno, Álvaro Oyarce, Nathalia García and Marcelo Mardones.
Involved fees earner: Eduardo Torretti – CorreaGubbins; Francisco Arguello – CorreaGubbins; Francisco Alcaíno – CorreaGubbins; Alvaro Oyarce – CorreaGubbins; Nathalia García – CorreaGubbins; Marcelo Mardones – CorreaGubbins; Juan Francisco Mackenna – Carey; Ricardo Edwards – Carey; Rosario Martínez – Carey; Carmenmaría Poblete – Carey; Guillermo Pumpin – Carey; Manuel José Garcés – Carey; Pablo Bucchi – Carey;