Sonnedix partners with GSSG Solar for a 170 MW expansion
Sonnedix, through its Japanese operator Nippon Solar Services (NSS), has partnered with GSSG Solar (GSSG) to deploy a 170 MW portfolio of Solar PV plants, with 47 MW under construction, and the rest currently under development.
The announcement comes at a period of sustained growth for Sonnedix, taking its global reach well beyond 1GW, with almost 500 MW operating and more than 500 MW under development and construction. Sonnedix is majority owned by institutional investors advised by J.P. Morgan Asset Management.
The expansion continues to build on NSS's position as one of the leading players in the Japanese solar market, with a strong local team and a significant portfolio of utility scale solar photovoltaic projects under development, construction or in operation.
GSSG is a solar investor with significant experience navigating complex solar project financing across multiple jurisdictions. GSSG was an early-mover in the Japanese market and initiated work on this portfolio in early 2014.
GSSG and NSS have established a joint development framework to finalize the development and construction of these facilities for Sonnedix, while maintaining their obligations to the local project partners in and around each project site. The two companies have discussed continued collaboration in Japan and other geographies including the US.
"The announcement of a major expansion of our pipeline projects in Japan demonstrates our long-term commitment to the Japanese market, which once fully built, will bring the total investment in the country to over $1.3 billion" said Andreas Mustad, CEO of Sonnedix. "We are pleased to have formed a strategic alliance with an experienced industry player like GSSG and look forward to continued cooperation across jurisdictions"
"GSSG remains fully committed to this portfolio of projects alongside the Sonnedix team," said Tomakin Archambault, CEO of GSSG Solar LLC. "In Sonnedix we found a partner who shares a commitment to building solar projects for the long-term. We look forward to working alongside the NSS team to deliver these projects and to generate clean renewable electricity. The proceeds from the transaction will allow us to further enhance our footprint in Japan, and we remain committed to investing in more solar PV projects in the country."
Sonnedix was advised by Paul Hastings and Kanagawa International Law Office (legal), Vector Cuatro (technical), and KPMG (accounting / tax). GSSG Solar was advised by Morrison & Foerster and Nishimura & Asahi (legal) and KPMG (accounting / tax).
