J.P. Morgan Asset Management increased its investment in the Sonnedix Group

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J.P. Morgan Asset Management and the Sonnedix Group announced that institutional investors advised by J.P. Morgan Asset Management have acquired substantially all of the Sonnedix Group (Sonnedix).

The announcement came less than two years after the two firms began partnering to pursue opportunities in the rapidly expanding global solar market. Since then Sonnedix has enjoyed consistent and sustainable growth increasing 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 both organic growth and the acquisition of over €300 million of operating assets. Sonnedix also has a pipeline representing approximately 600MW of projects in construction and pre-construction stages primarily in Japan and Chile. Sonnedix is focused solely on solar photovoltaics (PV) globally, including Japan, continued growth in Europe and expansion into the US.

Commenting on the deal, 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.”

Commenting on the deal, Matthew LeBlanc, Chief Investment Officer of OECD Infrastructure at J.P. Morgan Asset Management – Global Real Assets, said:

“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.”

J.P. Morgan Asset Management – Global Real Assets has more than $95 billion in assets under management and more than 400 professionals in 19 offices throughout the Americas, Europe and Asia Pacific, as of June 30, 2016. With a 45-plus year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure and transportation strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.  For more information: jpmorgan.com/institutional/global_real_assets

Sonnedix is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally. For more information about Sonnedix, please visit www.sonnedix.com

In Japan, Sonnedix’s investments are managed by its trusted operator Nippon Solar Services, a developer, asset manager, and operator of mega-solar projects in Japan.

Nippon Solar Services, closes JPY 10.7 billion financing for a 30 MW Mega Solar PV power plant

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Tokyo, Japan – For immediate release

On June 15th 2016, Nippon Solar Services (NSS) closed project financing with Shinsei Bank as a lender for a total amount of JPY 10.7 billion for a Mega Solar photovoltaic (PV) power plant with a total generation capacity of 30 megawatts (MW) located in the Iwate Prefecture in the Tohoku region.

“This is our first financial closing to date in Japan with a Japanese lender and a key milestone for our company.  We want to thank all the parties involved in this transaction for their continued support and commitment.” commented Olivier Renon, Managing Director of NSS.

The commencement of plant construction is scheduled for late 2016 with operations starting in early 2019, both of which will be managed by NSS. Engineering, procurement and construction is being undertaken by Daiwa House Industry.  Daiwa House Industry will also provide comprehensive O&M services during the operations stage.

“We have known Shinsei Bank for several years as a leader in the financing of renewable energy projects in Japan, with excellent experience and knowledge in this market. We are very pleased with this important milestone reached by our local management partner NSS and honoured to see the confidence and growing relationship with Shinsei Bank.” added Franck Constant, Member of the Board of Sonnedix, the majority investor in the project.

Takatoshi Hibino, General Manager of Shinsei Bank’s Project Finance Division stated, “As arranger and lender, we are delighted to take part in the financing of the project and find it a privilege to work beside NSS and Sonnedix. Acknowledging the growth potential in mega solar development within the renewable energy field, we have and continue to proactively arrange domestic PV project financing. We are very pleased to collaborate with NSS and Sonnedix, and look forward in the development of our relationship together with our respective businesses in Japan.

About Shinsei Bank

Shinsei Bank is a leading diversified Japanese financial institution providing a full range of financial products and services to both institutional and individual customers. News and other information about Shinsei Bank is available at http://www.shinseibank.com/english/index.html

About Nippon Solar Services

Nippon Solar Services is a developer, asset manager, and operator of mega-solar projects in Japan, and the trusted Japanese operator for investments made by Sonnedix (www.sonnedix.com).  For more information about NSS, please visit sonnedixjp.dev

About Sonnedix

Sonnedix is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market.  Sonnedix develops, builds, owns and operates solar power plants globally. Sonnedix currently owns over 200 MW photovoltaic power plants in operation as well as several hundreds of MW in development in Italy, France, Spain, USA/Puerto Rico, Thailand, Chile, South Africa and Japan.  For more information about Sonnedix, please visit www.sonnedix.com

Nippon Solar Services signs EPC contract with Daiwa House Industry for a 30MW project in Tohoku Japan

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Nippon Solar Services (NSS), a developer, asset manager, and operator of mega-solar parks in Japan, announced it has selected Daiwa House Industry Co., Ltd. as the Engineering Procurement and Construction (EPC) contractor for the construction, interconnection and commissioning of a 30MW solar park located in Iwate Prefecture in the Tohoku region. The EPC contract was signed between the two parties on May 31, 2016 in Tokyo.

Construction of the project will begin later in the year once permitting and financial arrangements for the project are finalized. The solar park will utilize Hanwha solar panels and Huawei string inverters provided by Daiwa House Industry. Daiwa House Industry will provide comprehensive O&M services once commercial operation is reached.

“We have been working very closely with Daiwa House Industry over the past months and are very excited to have the support of such a reputable and experienced company.” commented Olivier Renon, Managing Director of NSS.

NSS currently operates 2 solar parks in Yamanashi Prefecture and has started site mobilization for a 33MW solar park in Oita Prefecture. The Tohoku project adds to the company’s strategy to deliver high quality solar plants and to supply sustainable decarbonized electricity to the grid.

About Nippon Solar Services

NSS is a developer, asset manager, and operator of mega-solar projects in Japan, and is the trusted Japanese operator for investments made by Sonnedix, a joint venture between Sonnedix Global Holdings Ltd and IIF Solar Investment Ltd, which is owned by investors advised by J.P. Morgan Asset Management. For further details, visit sonnedixjp.dev.

Sonnedix Announces Completion of Second French Portfolio Refinancing

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Sonnedix Group, a global IPP, announced the completion of the non-recourse debt refinancing of a portfolio of four solar parks totalling 23.6MW across southern France.

The financing, which is for a total of Euro 93.7 million, is provided by MUFG’s banking arm, Bank of Tokyo-Mitsubishi UFJ, and La Banque Postale.

Sonnedix Group’s CEO, Andreas Mustad, commented “This is the second portfolio refinancing the Group has achieved in France in the past four months.  Thisfurther demonstrates the strength and quality of our portfolio and the good relationship weve developed with our banking partners.  Im particularly pleasedthat weve extended our relationship with MUFG who were part of our previous French portfolio refinancing and with whom we are actively engaged around the world I would also like to extend a warm welcome to La Banque Postale as anew lending partner to the Group The refinancing maximises the opportunity thatthe current favourable market conditions bring, therebycreating real value for our shareholders while reinforcing the long-term stability of our French fleet.

Philip Roberts, Head of Energy & Natural Resources at MUFG, said, “We are very pleased to have been invited to participate in our second French Portfolio refinancing with the Sonnedix Group.  Wlook forward to further extending ourrelationship with Sonnedix as it continues to develop and growaround the world”.

Sonnedix was advised by Linklaters (legal advisor) and Astris Finance (financial advisor).

Sonnedix is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally. For more information about Sonnedix, please visit www.sonnedix.com.

In Japan, Sonnedix’s investments are managed by its trusted operator Nippon Solar Services, a developer, asset manager, and operator of mega-solar projects in Japan.

Sonnedix acquires a 48MW photovoltaic portfolio in Italy

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Sonnedix announced that it has acquired the ‘Solar Holding’ 48MW solar photovoltaic portfolio in Italy from DGE (a 100% subsidiary of Mitsubishi Corporation), INCJ and other shareholders.  The portfolio comprises 22 solar plants located across Italy and brings Sonnedix’s total operating capacity to 68MW in Italy and 200MW globally.

“The Solar Holding portfolio is an excellent fit with our group M&A strategy and I’m very pleased that we’ve been able to complete the transaction in such a short period of time.  This acquisition provides a significant boost to the scale of our Italian portfolio and reinforces our commitment to a long term presence in the Italian market” said Axel Thiemann, Sonnedix’s Executive Vice President of Commercial.

Franck Constant, Sonnedix’s Executive Vice President of Asia, added “We’re proud to be working with Mitsubishi Corporation and their partners on this project as they have demonstrated the highest levels of professionalism throughout the process.  We’re increasingly working with Japanese partners on our development activities in Asia and are very pleased to be working, and continuing to build a mutually productive relationship, with a very respectable and reputable partner like Mitsubishi”.

“DGE has known Sonnedix for a while since we invested in French PV assets.  Sonnedix is a professional PV IPP and we are happy to hand over our plants into good hands” said Keiichi Suzuki, CEO of Diamond Generating Europe.

DGE is Mitsubishi Corporation’s IPP subsidiary in EMEA.

INCJ (Innovation Network Corporation of Japan) is a public-private partnership aimed at promoting innovation and enhancing the value of businesses in Japan.

Sonnedix is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally. For more information about Sonnedix, please visit www.sonnedix.com.

In Japan, Sonnedix’s investments are managed by its trusted operator Nippon Solar Services,a developer, asset manager, and operator of mega-solar projects in Japan.