Independent Due Diligence by DNV Enables €2 Billion Solar Portfolio Refinancing Across Europe

Independent Due Diligence by DNV Enables €2 Billion Solar Portfolio Refinancing Across Europe

(IN BRIEF) DNV acted as technical due diligence advisor for Sonnedix’s successful €2 billion refinancing of a 1.3 GW European solar portfolio spanning 50 assets across six countries. Working on behalf of a consortium of leading international banks, DNV carried out a comprehensive lenders’ technical due diligence, covering energy production forecasts, technology reviews, operational performance, environmental compliance and long-term asset viability. The transaction reinforces investor confidence in large-scale European solar portfolios and supports Sonnedix’s continued expansion in renewable energy. It also highlights the critical role of independent technical assurance in unlocking capital for complex, multi-jurisdictional clean energy investments.

(PRESS RELEASE) LONDON, 16-Dec-2025 — /EuropaWire/ — DNV has supported Sonnedix, a leading international renewable energy producer, in completing a €2 billion refinancing of one of Europe’s largest diversified solar portfolios by acting as technical due diligence advisor to the lenders. The refinancing covers 50 operational photovoltaic assets with a combined installed capacity of 1.3 GW, located across six European markets: Spain, Italy, France, Portugal, Poland and the United Kingdom.

The financing was arranged through a consortium of major international banks, including Bank of China, Crédit Agricole CIB, HSBC, ING, Intesa Sanpaolo, La Banque Postale, Santander CIB and Société Générale. The successful transaction strengthens Sonnedix’s financial position and provides long-term funding to support continued investment and growth in renewable energy projects across Europe.

Given the scale and geographic diversity of the portfolio, lenders required a high level of independent technical assurance. DNV delivered a comprehensive lenders’ technical due diligence process designed to provide transparency and confidence across the entire asset base. This included a consolidated portfolio overview, detailed reviews of key technologies and equipment, and an energy yield assessment covering all 50 solar plants.

The scope of work also extended to performance assessments of operational assets, environmental and financial evaluations aligned with Green Loan Principles, and a long-term analysis of the technical viability and resilience of the portfolio. By integrating these elements into a single, coherent due diligence framework, DNV supported lenders in assessing both current performance and long-term risk.

The refinancing builds on an established relationship between DNV and Sonnedix, following a similar multi-billion-euro refinancing transaction supported by DNV in the previous year. The latest transaction reflects the growing maturity and bankability of large-scale solar portfolios across Europe, as well as the continued appetite of international lenders to finance renewable energy assets underpinned by robust independent technical assessment.

About DNV
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Whether assessing a new ship design, qualifying technology for a floating wind farm, analyzing sensor data from a gas pipeline or certifying a food company’s supply chain, DNV enables its customers and their stakeholders to manage technological and regulatory complexity with confidence.

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In the energy industry
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SOURCE: DNV