The Japanese subsidiary of Bermuda-incorporated independent power producer Sonnedix has reached financial close on a JPY13.9 billion ($125.8 million) non-recourse debt facility with MUFG Bank for the 46.6 MW Tono solar PV plant.
The move comes less than a year after the project was acquired from its previous owners, in June 2017, bringing Sonnedix’ total capacity in operation or under construction in Japan to 169 MW.
In a press release announcing the development, Sonnedix said its Japanese growth strategy is on track to deliver 400 MW of capacity “in the next few years”.
Sonnedix benefits from a link with J P Morgan, which entered a partnership with the developer in December 2014 to explore solar investment opportunities.
“We are very proud of the Tono project milestone, which means Sonnedix now has over 200 MW of capacity in construction across our global platform”, said Andreas Mustad, CEO of Sonnedix. “This is in parallel to the growth achieved over the last 12 months through the acquisition and integration of solar PV assets in other OECD [Organization for Economic Co-operation and Development] countries. As our platform continues to scale, so does our commitment to its operational excellence in the long term.”
EPC contractor, NEC Networks & System Integration Corporation, has begun construction of the Tono solar plant, which is expected to start operations in early 2020. When completed, the plant is expected to generate more than 53,000 MWh per annum.