Institutional investors advised by J.P. Morgan Asset Management have acquired substantially all of independent solar power producer Sonnedix Group, according to the companies. Financial details of the deal were not disclosed.
The announcement comes less than two years after the two firms established a 50/50 joint venture platform company, Sonnedix Power Holdings Ltd., to pursue opportunities in the global solar market. Since then, Sonnedix has enjoyed sustainable growth, increasing operating capacity from 117 MW to 353 MW across France, Italy, Spain, Japan, Puerto Rico Chile and the U.K., as well as in South Africa and Thailand. Sonnedix also has a pipeline representing approximately 600 MW of projects in construction and pre-construction stages primarily in Japan and Chile. Sonnedix is focused solely on solar PV globally, including Japan, continued growth in Europe and expansion into the U.S.
Commenting on the deal, Andreas Mustad, Sonnedix’s CEO, said, “This increased commitment by J.P. Morgan’s clients marks a new phase of growth in Sonnedix’s evolution. It’s an exciting time for the industry – as this deal shows institutional investors are increasingly recognizing the stability and value of solar generating assets, which is fueling 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, “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.