Independent solar power producer Sonnedix Group has significantly increased its reach in the global PV market over the last couple of years, partly due to a partnership it sprung up with J.P. Morgan Asset Management in December 2014. That partnership is likely to be a key driver for the recent investment in the company, made by institutional investors that are advised by J.P. Morgan.
The original joint venture platform between the two parties, Sonnedix Power Holdings, was set up to pursue opportunities in the attractive, rapidly expanding global solar market. When the partnership was first announced, Sonnedix had an operating capacity of 117 MW of solar PV, which has since more than tripled to 353 MW, with the acquisition of solar plants across the globe, notably in Europe, Japan and Latin America.
The value of the investment has not been disclosed, but it shows confidence in the active solar company, that currently has a pipeline of PV projects totaling approximately 600 MW in construction and pre-construction stages.
This increased commitment by J.P. Morgans clients marks a new phase of growth in Sonnedixs evolution, commented Sonnedixs CEO Andreas Mustad. Its an exciting time for the industry as this deal shows, institutional investors are increasingly recognizing the stability and value of solar generating assets, which is fueling increased investment in the sector, leading to the large scale adoption of the solar solution worldwide.
Over the past two years weve seen the Sonnedix strategic platform deliver dramatic growth, more than tripling its operating capacity and delivering quality projects and acquisitions across many jurisdictions, added Chief Investment Officer of OECD Infrastructure at J.P. Morgan Asset Management Matthew LeBlanc. 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.