Tokyo, Japan – Sonnedix Japan K.K. (Sonnedix Japan) has reached financial close on a JPY 13.9 billion non-recourse debt facility with MUFG Bank Ltd for the 46.6 MW Tono solar PV plant, on behalf of the Sonnedix group of companies.

This significant milestone comes less than a year after the project was acquired from its previous owners in June 2017, bringing Sonnedix’s total capacity in operation or under construction in Japan to 169 MW. Assets in Japan are acquired or built and operated on behalf of Sonnedix by its operating partner, Sonnedix Japan, and this is a further step in the Japan growth strategy, which is on track to deliver over 400MW into operation in the next few years.

“We are very proud of the Tono project milestone, which means Sonnedix now has over 200 MW of capacity in construction across our global platform”, commented Andreas Mustad, CEO of Sonnedix. “This is in parallel to the growth achieved over the last 12 months through the acquisition and integration of solar PV assets in other OECD countries. As our platform continues to scale, so does our commitment to its operational excellence in the long term.”

The EPC contractor, NEC Networks & System Integration Corporation, has begun construction of the solar plant, which is expected to start operations in early 2020. When completed, the solar plant is expected to generate over 53,000 MWh of clean electricity per annum, equivalent to the amount consumed by approximately 17,650 households.

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).

About MUFG

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with over 1,800 locations in more than 50 countries. The Group has over 150,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges.

For more information, visit https://www.mufg.jp/english

About NEC Networks & System Integration Corporation

NEC Networks & System Integration Corporation (TSE: 1973; NESIC) provides integrated communication services that combine the strengths of system integration and related support services, as well as sophisticated engineering and facility management capabilities, for a broad range of customers, including telecommunications carriers, enterprises and government agencies. For more information, please visit www.nesic.co.jp/english