The transaction includes Sonnedix USA Ltd, Sonnedix Solar Puerto Rico, Sonnedix Solar Puerto Rico Holdings Ltd, and Sonnedix Solar Puerto Rico Holdings II Ltd.
The Puerto Rico operations is comprised of two operating solar PV plants - Oriana and Horizon - totalling 73.2MW, and a dedicated operating and asset management team, plus other entities pursuing additional solar and battery energy storage in Puerto Rico. The Puerto Rico Operations will conduct business under the Infinigen name post-closing.
"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." said Axel Thiemann, CEO of Sonnedix. "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."
Commenting on the transaction, ArcLight's Managing Partner and Founder Dan Revers 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."
The transaction is expected to close in two stages between December 2021 and March 2022, subject to customary regulatory approvals and closing conditions.
On this transaction, Sonnedix was advised by DLA Piper as primary legal counsel, while Latham & Watkins served as primary legal counsel to ArcLight.
