J.P. Morgan Asset Management and the Sonnedix Group announced today that institutional investors advised by J.P. Morgan Asset Management have acquired substantially all of the Sonnedix Group (Sonnedix).
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 117MW to 353MW 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 of operating assets. Sonnedix also has a pipeline representing approximately 600MW of projects in construction and pre-construction stages primarily in Japan and Chile. Sonnedix is focused solely on solar photovoltaics (PV) globally, including Japan, continued growth in Europe and expansion into the US.
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 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.”
Commenting on the deal, Matthew LeBlanc, Chief Investment Officer of OECD Infrastructure at J.P. Morgan Asset Management – Global Real Assets, said:
“We’re delighted with this follow on investment. Over the past two years we’ve 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 our 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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About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has more than $95 billion in assets under management and more than 400 professionals in 19 offices throughout the Americas, Europe and Asia Pacific, as of June 30, 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
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Sonnedix Power Holdings Limited (together with its subsidiaries, “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, owns and operates solar PV plants for the long-term, in France, Italy, Spain, the UK, South Africa, Chile, Puerto Rico and Japan. Sonnedix currently has a total controlled capacity of more than 1.7GW and has over 870MW in operation across the countries where it operates.
For more information about Sonnedix, please visit www.sonnedix.com