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Solar energy firm Sonnedix buys controlling stake in Cox Energy Chile

EBR Staff Writer Published 04 October 2017

Sonnedix has acquired a controlling stake in Cox Energy Chile for an undisclosed price to expand its footprint in OECD countries.

Cox Energy Chile is the Chilean subsidiary of Spain-based Cox Energy.

Along with the acquisition, Sonnedix has entered into a strategic partnership with Cox Energy relating to the construction and operation of clean energy projects in Chile.

Cox Energy president Enrique Riquelme said: “This important strategic agreement between Cox Energy and Sonnedix consolidates the Spanish company as one of the energy sector’s relevant players and reinforces its position to pursue its growth and worldwide expansion.”

Through the acquisition, Sonnedix has gained a 20-year off-take which begins in 2022. The solar energy firm will also be entitled to purchase a 74MW solar project, which would add to its existing development portfolio of over 250MW.

Sonnedix development global head Pablo Pulido said: “This acquisition and its long-term power supply agreement with creditworthy off-takers marks a significant milestone for Sonnedix in Chile.

“The country has one of the highest solar irradiation profiles in the world and a highly competitive open electricity market. This step is consistent with our commitment in Chile and our long-term strategy to build, own and operate assets in OECD countries.”

Sonnedix and Cox Energy will jointly handle a portfolio of operating assets that are expected to become a launchpad for the development, operation and trading of solar power generation. The partners intend to sell the produced electricity to clients in the Metropolitan Region.

As per the agreement terms, the initial investment will be used for the construction of large scale facilities in Chile to honor the power supply contracts in accordance with the tender process.