TOKYO, Japan – Sonnedix Japan K.K. (Sonnedix Japan) has completed the acquisition of the 46 MW Tono Mega Solar PV project located in the Iwate prefecture, on behalf of the Sonnedix group of companies, an independent solar power producer, from SunPower Corp. (NASDAQ:SPWR).

This acquisition consolidates Sonnedix’s position as a leading player in the Japanese solar market.

“The acquisition of the Tono project marks a significant milestone for Sonnedix, bringing our pipeline of solar PV projects in Japan to over 500 MW. Once fully built over the next few years, this pipeline will bring the total investment in the country to over $2 billion. Consistent with our global strategy, our plan is to build, own and operate these assets in the long run through our operating partner Sonnedix Japan, whilst continuing to look for opportunities to further grow our pipeline.” commented Andreas Mustad, CEO of Sonnedix.

Sonnedix Japan, has a team of over 40 dedicated professionals and over 500MW of utility scale solar photovoltaic (PV) projects under development, construction or in operation on behalf of Sonnedix.

Sonnedix Japan is also pleased to announce that it has proceeded with the first drawdown of the non-recourse senior debt facility from Shinsei Bank for the 33MW Yamada machi project, also located in the Iwate prefecture. While construction on the plant began in April 2017, an official ground breaking ceremony was held on June 22, 2017 at the site. The power generated by the project will be delivered to regional utility company Tohoku Electric Power, with the installation expected to last for a minimum of 20 years. Once the installation is completed in October 2019, the project will produce enough energy to power approximately 8,500 homes and will avoid the emission of 23,000 tons of carbon dioxide per year compared to conventional power generation.

“Yamada machi 33MW Project marks our first large scale project development in the Tohoku area where Sonnedix Japan, manages over 300MWs of projects under development (including the recently acquired 46 MW Tono project). With our growing operating platform, development project pipeline and business scale, Sonnedix and Sonnedix Japan continue to be fully committed to the Japanese renewable energy market” commented Netoshi Kuriyama, CEO Sonnedix Japan.

Tono will be the third large-scale solar plant in Japan co-developed by SunPower. The plant will use SunPower E-Series solar panels, which maximize the power generated on site by producing 45 percent more energy in the same amount of space compared to conventional solar panels.

About Sonnedix Japan

Sonnedix Japan is a developer, asset manager, and operator of mega-solar projects in Japan, and the Japanese operator for investments made by Sonnedix (www.sonnedix.com). Click here for more information about Sonnedix Japan.

About Sonnedix

Sonnedix Power Holdings Limited (together with its subsidiaries, Sonnedix) is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix currently owns over 600 MW of photovoltaic power plants in operation as well as several hundred MW under development in Italy, France, Spain, USA/Puerto Rico, Thailand, Chile, South Africa and Japan. Click here for more information about Sonnedix.

About SunPower

As one of the world’s most innovative and sustainable energy companies, SunPower Corporation (NASDAQ:SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower’s more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower Corporation has dedicated customer-focused employees in Africa, Asia, Australia, Europe, and North and South America. Click here for more information about how SunPower is changing the way our world is powered.

About Shinsei Bank

Shinsei Bank is a leading diversified Japanese financial institution providing a full range of financial products and services to both institutional and individual customers. News and other information about Shinsei Bank is available here.