JP Morgan Asset Management has acquired almost all of solar power developer Sonnedix Group for undisclosed sum.

The investment comes less than two years after the two companies started partnering to pursue opportunities in the rapidly expanding global solar market.

Sonnedix said that it is focused solely on solar photovoltaics (PV) globally, including Japan, continued growth in Europe and expansion into the US.

Sonnedix’s CEO Andreas Mustad said: “This increased commitment by J.P. Morgan’s clients marks a new phase of growth in Sonnedix’s evolution.

“It’s an exciting time for the industry – as this deal shows, institutional investors are increasingly recognising the stability and value of solar generating assets, which is fuelling increased investment in the sector, leading to the large scale adoption of the solar solution worldwide.”

Over the past two years, Sonnedix increased its operating capacity from 117MW to 353MW across France, Italy, Spain, Japan, Puerto Rico Chile and the UK as well as in South Africa and Thailand

It has achieved the growth through both organic growth and the acquisition of over €300m of operating assets.

Sonnedix also has a pipeline of approximately 600MW of projects in construction and pre-construction stages primarily in Japan and Chile.

JP Morgan Asset Management – Global Real Assets OECD infrastructure chief investment officer Matthew LeBlanc said: “With the declining cost of implementation, coupled with the strong appetite for renewables as an asset class, the global Sonnedix platform is well positioned to continue its growth strategy.”

While Skadden, Arps, Slate, Meagher & Flom acted as legal advisor to JP Morgan Asset Management in the transaction, Sonnedix was advised by Paul Hastings and Pan American Finance.