Independent power producer Sonnedix has teamed up with GSSG Solar, a solar-focused investment firm, to roll out a 170MW portfolio of solar projects in Japan.
The portfolio comprises 47MW of projects under construction, with the balance made up of assets under development. It will bring Sonnedix’s total investment in Japan to over $1.3 billion once fully built, according to Andreas Mustad, chief executive of Sonnedix. The company is majority owned by institutional investors advised by JP Morgan Asset Management.
The company is committing through its Japanese subsidiary Nippon Solar Services, which has established a joint framework with GSSG to develop the project. The two parties have also discussed further collaboration in Japan and other markets including the US.
With this partnership, Sonnedix grows its global portfolio to over 1GW, with almost 500MW operating and more than 500MW under development and construction.
Denver-based GSSG Solar, an early mover in the Japanese market, initiated work on the portfolio in early 2014, according to a joint statement. The 170MW portfolio was originally supported by GSSG Solar Partners, a solar-only investment fund anchored by US investment firm Vision Ridge Partners on behalf of family offices, institutions and individuals.
“The proceeds from the transaction will allow us to further enhance our footprint in Japan, and we remain committed to investing in more solar projects in the country,” said Tomakin Achambault, CEO of GSSG.