The announcement comes less than two years after the two firms began partnering to pursue opportunities in the rapidly expanding global solar market. Since then Sonnedix has enjoyed consistent and sustainable growth increasing operating capacity from 117 MW to 353 MW across France, Italy, Spain, Japan, Puerto Rico Chile and the UK as well as in South Africa and Thailand through both organic growth and the acquisition of over 300 million euros of operating assets.
Sonnedix also has a pipeline representing approximately 600 MW of projects in construction and pre-construction stages primarily in Japan and Chile. The company is focused solely on global solar PV, including Japan, continued growth in Europe and expansion into the US.
“This increased commitment by J.P. Morgan’s clients marks a new phase of growth in Sonnedix’s evolution” said Andreas Mustad, Sonnedix’s CEO, commenting on the deal. “It’s an exciting time for the industry – as this deal shows, institutional investors are increasingly recognising the stability and value of solar generating assets, which is fuelling increased investment in the sector, leading to the large scale adoption of the solar solution worldwide.”
Matthew LeBlanc, Chief Investment Officer of OECD Infrastructure at J.P. Morgan Asset Management – Global Real Assets, added that over the past two years the company has seen the Sonnedix strategic platform deliver dramatic growth, more than tripling its operating capacity and delivering quality projects and acquisitions across many jurisdictions. Furthermore, there’s a clear alignment between the long term investment horizon of J.P. Morgan Asset Management’s clients and Sonnedix’s positioning as a leading solar power producer with long-term contracted projects in the markets they serve. With the declining cost of implementation, coupled with the strong appetite for renewables as an asset class, the global Sonnedix platform is well positioned to continue its growth strategy.
Skadden, Arps, Slate, Meagher & Flom acted as legal advisor to J.P. Morgan Asset Management. Paul Hastings and Pan American Finance advised Sonnedix in the transaction.
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