Partners Group has divested its stake in Japan Solar, which comprises a portfolio of Japanese solarpower assets with a capacity of 610MW.
The portfolio was sold to a consortium led by Global Infrastructure Partners (GIP). The sale represents a gross return of 3.2 times the original investment for Partners Group’s programmes.
Partners Group acquired its initial stake in Japan Solar in 2013. An initial $250m investment was provided to fund the construction of utility-scale power plants across Japan, driven by the government’s feed-in tariff scheme.
Partners Group private infrastructure Asia head Benjamin Haan said: “Japan Solar was a timely project and we are delighted to have contributed to the build-out of Japan’s renewable energy production capacity.
“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.”
Japan Solar formed a partnership with Nippon Renewable Energy to support the build-out of the platform.
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By GlobalDataOnce Japan Solar’s secured projects start operating, the company is expected to deliver power to around 133,000 households across the country.
The divestment comes after Partners Group reached a deal to sell its stake in US-based solar energy developer Silicon Ranch to Dutch oil and gas company Shell.