Global independent solar power producer Sonnedix is teaming with a group of institutional investors on a 50-50 joint venture to pursue opportunities in the rapidly expanding global solar market.
The new company, Sonnedix Power Holdings Ltd., currently operates 17 power plants with 117 MW of installed capacity across France, Italy, Spain, Thailand and Puerto Rico. It also has a portfolio of 18 projects representing over 600 MW of projects in pre-construction stages in Japan, Puerto Rico, Chile, the United Kingdom and South Africa. According to Sonnedix, the joint venture anticipates a total commitment for the operating and development projects of more than 300 million ($368 million).
Sonnedix Chairman and Director Carlos Guinand said, "As the global solar power industry experiences exceptional growth rates, we are keen to expand further our footprint across multiple regulatory regimes that are at different phases of renewable integration."
J.P. Morgan Asset Management is advising the institutional investors partnering with Sonnedix. Guinand added that the joint venture with J.P. Morgan Asset Management's clients would "be integral in capturing these opportunities and building our platform."
Matt LeBlanc, CIO of OECD Infrastructure at J.P. Morgan Asset Management Global Real Assets, said, "These are exciting times in the clean energy market and Sonnedix's experienced management team, highly focused on execution and operations, is well positioned to benefit from the confluence of technology improvements, operational efficiencies and economies of scale. This combination results in a lower cost of solar PV, even with the current energy market volatility, and these operating investments are already generating consistent and growing investment yields supported by long-term contracts."
Sonnedix has offices in France, Italy, Netherlands, the U.K., Thailand, the United States and Puerto Rico and South Africa.
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