Sonnedix has successfully closed a transaction to acquire the 136MWp Vela Portfolio from Centerbridge Partners, in one of the largest solar PV transactions in Europe. The portfolio comprises 43 operating and financed Solar PV plants in Spain, making Sonnedix the 2nd largest solar PV player in Spain.
The transaction brings Sonnedix’s total operating capacity to over 500MW globally. Sonnedix Group is majority owned by institutional investors advised by J.P. Morgan Asset Management, and with this acquisition it will have invested in excess of EUR 1bn into new assets over the last 12 months.
As part of the transaction, Sonnedix and the management team that worked with Centerbridge to build and operate the portfolio have entered into a partnership to continue to acquire solar PV assets in Spain and beyond. In addition, Sonnedix and Centerbridge have agreed to explore additional opportunities for further collaboration in Europe.
“We are very pleased to announce the successful closing of the Vela Portfolio transaction, our largest in Europe to date” said Andreas Mustad, CEO of Sonnedix. “The acquisition is a major milestone for Sonnedix, demonstrating our long-term commitment to continued growth and taking our global operating capacity over 500MW.”
Sonnedix was advised by Uria Menendez (legal), Enertis (technical) and KPMG (accounting / tax). Centerbridge Partners was advised by Bank of America Merrill Lynch and Deutsche Bank (financial), Linklaters, Cuatrecasas, Gonçalves Pereira (legal), G-Advisory (technical) and Deloitte (accounting).
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
Centerbridge Partners, L.P. is an alternative investment management firm employing a flexible approach across complementary investment disciplines, private equity and credit, distressed strategies & special situations. As of January 2017, the Firm has approximately $29 billion in capital under management with offices in New York and London.
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 click here.
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