This investment is the latest development in a partnership between J.P. Morgan and Sonnedix that started almost two years ago. Image: Sonnedix
J.P. Morgan Asset Management and the Sonnedix Group announced that investors advised by J.P. Morgan have acquired substantially all of the Sonnedix Group.
This news comes less than two years after both companies started up a joint-venture partnership in order to spur development in a number of solar markets. Since their first collaboration with J.P. Morgan, Sonnedix has increased its 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 organic growth and the acquisition of over €300 million in operating assets.
Sonnedix currently boasts a pipeline representing around 600MW of projects primarily in Japan and Chile.
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.”
Matthew LeBlanc, Chief Investment Officer of OECD Infrastructure at J.P. Morgan Asset Management – Global Real Assets, added: "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.”