JPMorgan takes over Sonnedix solar platform

The firm and its institutional clients have fully acquired Sonnedix Power Holdings two years into a partnership that has tripled its operating capacity.

JPMorgan Asset Management and its institutional clients have taken over the solar platform established with the Sonnedix Group in late 2014 for an undisclosed amount, JPMorgan revealed in a statement.

“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,” commented Matthew LeBlanc, chief investment officer of OECD infrastructure at JPMorgan Asset Management – Global Real Assets.

Sonnedix Power Holdings, which started as a 50/50 partnership between Sonnedix and JPMorgan, has seen its operating capacity increase from an initial 117MW to 353MW across France, Italy, Spain, Japan, Puerto Rico, Chile, the UK, South Africa and Thailand across more than €300 million of operating assets.

In addition, the solar platform has about 600MW of projects in construction and pre-construction mainly in Japan and Chile.

Sonnedix Power Holdings is the new 50/50 joint venture that JP Morgan Asset Management, on behalf of its institutional investors, and solar power producer Sonnedix have created to pursue opportunities in the global solar market, the two companies said in a statement.

Sonnedix, which is headquartered in Rennes, France, develops, builds, owns and operates solar power plants globally. According to its website, the company owns 64 solar power plants at various stages of maturity in key markets with control of 795MW of production capacity.

Based in New York, JPMorgan Asset Management – Global Real Assets is part of JPMorgan Asset Management’s Alternatives Investments business, which collectively manages over $120 billion in client assets across real assets, hedge funds, credit and private equity.

JPMorgan’s Global Real Assets team, which focuses on real estate, maritime/transport and energy in addition to infrastructure, had more than $95 billion in assets under management.