Sonnedix to sell Puerto Rico solar power plants to ArcLight’s Infinigen
Sonnedix, a solar independent power producer (IPP), has agreed to sell two operating solar power plants in Puerto Rico with a combined capacity of 73.2MW to ArcLight’s Infinigen renewables platform for an undisclosed price.
The deal involves the Oriana and Horizon solar power plants alongside an operating and asset management team along with other entities pursuing other solar and battery energy storage capacities in Puerto Rico.
Axel Thiemann — CEO of Sonnedix said: “After a decade present in Puerto Rico, we have decided to move our operations away from the island to focus on our sustainable growth strategy in other markets in the USA
“Puerto Rico will always be part of our growth story and we bring with us an important learning journey and the honour to have worked with a deeply committed and dedicated team of experts. We believe this is also an opportunity for both the assets and the team to expand and grow, within the Infinigen platform.”
Post-acquisition, the Puerto Rico operations involved in the deal will carry out business under the name Infinigen.
Dan Revers — ArcLight Managing Partner and Founder said: “This transaction represents the first acquisition by our Infinigen renewables platform – an attractive opportunity to back the premier renewable asset owner, operator and developer in Puerto Rico. ArcLight looks forward to supporting Infinigen’s mission to provide low-cost, renewable electricity to North American communities.
“Over its 20-year history, ArcLight has invested over $4 billion in 5 GW of renewable assets, and this transaction is testament to our continued commitment to enabling decarbonization and sustainability.”
Subject to regulatory approvals and closing conditions, the transaction is likely to close in a couple of stages between December 2021 and March 2022.