J.P. Morgan Asset Management, Sonnedix form joint venture to pursue opportunities in solar market

By Lisa Kerner

Charlotte, N.C., Dec. 19 – J.P. Morgan Asset Management announced that institutional investors advised by the company have joined Sonnedix’s management and shareholders in a new 50/50 joint venture platform company, Sonnedix Power Holdings Ltd., to pursue opportunities in the rapidly expanding global solar market.

Currently, the joint venture platform operates 17 power plants with 117 MW of installed capacity across France, Italy, Spain, Thailand and Puerto Rico, according to a news release.

The joint venture also has a portfolio of 18 projects in pre-construction stages in Japan, Puerto Rico, Chile, the U.K. and South Africa.

In total, the commitment for the operating and development of projects is expected to top €300 million.

“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,” said Matt LeBlanc, chief information officer of OEDC Infrastructure at J.P. Morgan Asset Management – Global Real Assets.

Sonnedix is an independent solar power producer based in London.

J.P. Morgan Asset Management – Global Real Assets has more than $82 billion in assets under management. JPMorgan is based in New York.

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