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WFW advises Sonnedix on first sustainability-linked corporate loan facility financing14 March 2023

Watson Farley & Williams (“WFW”) has advised Sonnedix on the financing of a set of sustainability-linked corporate loan facilities which will enable it to refinance its existing debt and further expand its global renewable energy platform. These are the first sustainability-linked loan facilities secured by Sonnedix.

The loans were provided by a syndicate of commercial lenders and institutional investors comprising Infranity, Santander, ING, Denham Sustainable Infrastructure, National Australia Bank, Rabobank, Siemens Financial Services through Siemens Bank and Société Générale acting as mandated lead arrangers. Rabobank, ING and Santander acted as hedging banks. Santander was debt coordinator and agent. Bondholders acted as security agents. The sustainability-linked financing facilities will also enter into sustainability-linked interest rate hedging in connection with the transaction. Natixis acted as sustainability-linked loan coordinator and ING as sustainability-linked hedging coordinator.

Sonnedix is a long-standing WFW client and a leading international renewable energy producer which develops, builds and operates renewable energy projects across OECD countries, with over a decade-long trajectory of sustainable growth.

The WFW London Energy team that advised Sonnedix was led by Global Energy Sector Co-Head Henry Stewart, working closely with Of Counsel James Harrison, Associate Rachel Lee and Trainee Megan Parry. London Capital Markets Partner Rob McBride and Associate Kristina Buckberry advised on hedging arrangements and Partner Richard Stephens advised on tax matters.

Henry commented: “We are delighted to have advised long-standing client Sonnedix on this matter which gives them the financing they need to expand and help push the energy transition forward. Being instructed on this deal highlights our knowledge and expertise advising on sustainability-linked loan facilities in the renewables space”.

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