As part of the transaction, Hudson has committed to invest long-term equity in Adeniums utility-scale solar PV pipeline in Japan to fund the construction of approximately US$300 million in assets. The first 20 megawatt (MW) project has secured local project financing and was commissioned in May 2015.
Adenium and Hudson have formed the partnership to jointly capture the compelling investment opportunity presented by utility-scale solar photovoltaic projects in Japan. Adenium will continue to develop its growing solar pipeline of over 75 MW, and the partnership will be used to fund the construction and long-term ownership of those projects.
Wassef Sawaf, Chief Executive Officer of Adenium, said, Our partnership with Hudson Clean Energy Partners marks an important milestone for Adenium as we secure long-term funding for our growing pipeline in Japan. We look forward to working closely with Hudson and aggregating both of our firms experience and leadership in the sector. Japan is a critical market for Adenium, one in which we aim to continue to drive value for the firm and our investors.
We are excited about this remarkable investment opportunity and delighted to be executing on our strategy to deliver attractive long-term risk-adjusted returns for our investors in one of the worlds largest solar markets, added Daniel von der Schulenburg, Hudson Principal and Program Manager of the Hudson Solar Infrastructure Program. Adeniums team has an exceptional understanding of the solar development business in Japan and provides us with access to an important utility-scale solar asset pipeline in Japan. We are proud to have them as our partner.
