JP Morgan Asset Management acquires solar firm Sonnedix

Institutional investors advised by the asset management arm of US investment bank JP Morgan (NYSE:JPM) have bought substantially all of independent solar power producer Sonnedix Power Holdings Ltd.

The companies announced this in a statement on Wednesday, without disclosing the financial terms of the deal.

The move was made less than two years after Sonnedix and JP Morgan Asset Management formed a partnership to invest over EUR 300 million (USD 334m) in existing and future solar plants. Since then, Sonnedix has grown its operating capacity to 353 MW from 117 MW, with installations in France, Italy, Spain, Japan, Puerto Rico, Chile, the UK, South Africa and Thailand.

The current pipeline of the solar power company includes about 600 MW of projects under construction or in the pre-construction stage. They are primarily located in Japan and Chile.

“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,” said Matthew LeBlanc, chief investment officer of OECD Infrastructure at JP Morgan Asset Management – Global Real Assets.

(EUR 1.0 = USD 1.115)

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