Sonnedix to acquire 250MW solar PV portfolio in Italy

Rome: Independent power producer (IPP) Sonnedix has acquired an 80MW solar PV plant in Sicily, Italy from renewables developer Blunova.

The acquisition is part of a larger portfolio acquisition that will increase the IPP’s Italian assets by 250MW. The projects are located in Southern Italy, which is mainly dominated by utility-scale solar plants (Premium access).

The agreement between the two companies covers ten solar PV projects in total, with agreements for six plants expected to close during the first half of 2025.

Once the portfolio acquisition is complete, it will increase Sonnedix’s operating capacity in Italy to nearly 800MW. The IPP continues to grow its portfolio in the southern European country where, in December 2023, it secured a €260 million (US$290 million) green loan to finance the acquisition and construction of renewable energy projects in the country, including two PV plants in Sicily and Sardinia, with a combined capacity of 200MW.

All ten projects acquired by Sonnedix are contracted under Italy’s Gestore dei Servizi Energetici (GSE) FER 1 auction round, under a 20-year power purchase agreement (PPA).

Sonnedix’s CEO, Axel Thiemann, said: “Today’s announcement is a big achievement in our growth strategy for Italy. By acquiring these plants, we’re on track to double our operating capacity in Italy, as the team focuses on optimising and converting our portfolio of renewable energy projects.

“Our deep knowledge of the Italian market and proven track record position us as the ideal owner of these assets, while also aligning with our goal to deliver clean, affordable and reliable energy to Italian consumers.”

Solar PV has seen stellar growth in Italy in the past few years, with 2023 recording its best year in over a decade with more than 5.2GW of PV capacity additions.

Even though most of the capacity additions came from distributed generation, interest in utility-scale projects is also on the rise in the country, as shown by Sonnedix project portfolio acquisition. In the first quarter of 2024, the country saw a 373% increase in deployment from utility-scale, adding 579MW.

More recently, the Italian government adopted the FER 2 decree, which will provide tariffs for several renewable energy technologies, such as floating solar. This latest decree aims to add 4.6GW of renewable energy capacity by the end of 2028.