Sonnedix announces partnering with GSSG Solar for a 170MW expansion in Japan
10 February 2017
~ Partnership with GSSG Solar takes Sonnedix’s global reach beyond a GW ~
TOKYO, Japan – Sonnedix, through its Japanese operator Nippon Solar Services (NSS), has partnered with GSSG Solar (GSSG) to deploy a 170MW portfolio of Solar PV plants, with 47MW under construction, and the rest currently under development.
The announcement comes at a period of sustained growth for Sonnedix, taking its global reach well beyond 1GW, with almost 500MW operating and more than 500MW under development and construction. Sonnedix is majority owned by institutional investors advised by J.P. Morgan Asset Management.
The expansion continues to build on NSS’s position as one of the leading players in the Japanese solar market, with a strong local team and a significant portfolio of utility scale solar photovoltaic projects under development, construction or in operation.
GSSG is a solar investor with significant experience navigating complex solar project financings across multiple jurisdictions. GSSG was an early-mover in the Japanese market and initiated work on this portfolio in early 2014.
GSSG and NSS have established a joint development framework to finalize the development and construction of these facilities for Sonnedix, while maintaining their obligations to the local project partners in and around each project site. The two companies have discussed continued collaboration in Japan and other geographies including the US.
“The announcement of a major expansion of our pipeline projects in Japan demonstrates our long-term commitment to the Japanese market, which once fully built, will bring the total investment in the country to over $1.3 billion” said Andreas Mustad, CEO of Sonnedix. “We are pleased to have formed a strategic alliance with an experienced industry player like GSSG and look forward to continued cooperation across jurisdictions”
“GSSG remains fully committed to this portfolio of projects alongside the Sonnedix team,” said Tomakin Archambault, CEO of GSSG Solar LLC. “In Sonnedix we found a partner who shares a commitment to building solar projects for the long-term. We look forward to working alongside the NSS team to deliver these projects and to generate clean renewable electricity. The proceeds from the transaction will allow us to further enhance our footprint in Japan, and we remain committed to investing in more solar PV projects in the country.”
Sonnedix was advised by Paul Hastings and Kanagawa International Law Office (legal), Vector Cuatro (technical), and KPMG (accounting / tax). GSSG Solar was advised by Morrison & Foerster and Nishimura & Asahi (legal) and KPMG (accounting / tax).
Sonnedix is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally. For more information about Sonnedix, please visit www.sonnedix.com
About Nippon Solar Services
Nippon Solar Services is a developer, asset manager, and operator of mega-solar projects in Japan, and the trusted Japanese operator for investments made by Sonnedix (www.sonnedix.com). For more information about NSS, please visit www.nipponsolarservices.com
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $96 billion in assets under management and more than 400 professionals in 20 offices throughout the Americas, Europe and Asia Pacific, as of December 31, 2016. With a 45-plus year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions. For more information: jpmorgan.com/institutional/global_real_assets
About GSSG Solar LLC
GSSG Solar is a full-service solar investment firm comprised of a select team of experts with solar and financial service backgrounds. Each of its investments seek capital appreciation through select investments in high quality solar projects worldwide. GSSG Solar, LLC manages the General Partner of GSSG Solar Partners, LP, a solar-only investment fund anchored by Vision Ridge Partners. Its committed investors include family offices, institutions, and individuals. For more information about GSSG Solar, please visit www.gssgsolar.com
For further information please contact Hamir Patel on +44 203 544 4947 or email@example.com