Partners Group sells stake in 610-MW Japanese solar platform

Solar farm in Japan. Author: Haruhiko Okumura. License: Creative Commons, Attribution 2.0 Generic.

January 30 (Renewables Now) - Swiss investment manager Partners Group AG said on Monday that it has sold to a consortium led by Global Infrastructure Partners (GIP) its stake in Japan Solar LP, owner of a 610-MW solar platform.

The value of the transaction was not disclosed, but the seller said it has generated a blended gross return of 3.2 times the original investment.

“The successful sale of our stake in Japan Solar ahead of our original exit timeline provides an attractive return to our clients and endorses our strategy of platform-building in markets supported by transformative trends," said Benjamin Haan, Partner, Head of Private Infrastructure Asia, Partners Group.

In early 2014, Partners Group and Equis Funds Group announced they had led a USD-250-million (EUR 203m) equity investment for Japan Solar, with plans to develop utility-scale projects with long-term power purchase agreements (PPAs) under Japan’s feed-in tariff (FiT) programme. The Swiss investment manager then made a further equity investment into the platform, thus becoming its largest shareholder.

Partners Group noted that, at the time of signing the stake sale agreement, Japan Solar’s portfolio included 27 secured projects with a combined capacity exceeding 610 MW. More than 200 MW of this was operational and contracted into long-term PPAs with Japanese electric utility companies.

Earlier this month, Partners Group also sold its stake in US solar power firm Silicon Ranch Corporation to Shell.

(USD 1.0 = EUR 0.810)

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