International PV developer, Sonnedix, is joining forces with institutional investor, JP Morgan Asset Management, in a new joint venture to pursue emerging solar project opportunities worldwide.
The JV, Sonnedix Power Holdings, will hold 17 already built PV projects totalling 117MW in France, Italy, Spain, Thailand and Puerto Rico.
It also has a portfolio of 18 projects representing over 600MW of projects in pre-construction stages in Japan, Puerto Rico, Chile, UK and South Africa.
In a statement the two companies said they anticipated a total commitment from the JV in operating and developing projects of over €300 million (US$376.7 million).
Matt LeBlanc, chief information officer of OECD Infrastructure at J.P. Morgan Asset Management, said: “These are exciting times in the clean energy market and Sonnedix's experienced management team, highly focused on execution and operations, is well positioned to benefit from the confluence of technology improvements, operational efficiencies and economies of scale. This combination results in a lower cost of solar PV, even with the current energy market volatility, and these operating investments are already generating consistent and growing investment yields supported by long-term contracts.”
Carlos Guinand, Chairman and Director of Sonnedix, said: “As the global solar power industry experiences exceptional growth rates, we are keen to expand further our footprint across multiple regulatory regimes that are at different phases of renewable integration. Our joint venture with J.P. Morgan Asset Management's clients will be integral in capturing these opportunities and building our platform.”