JZ international & Elliott sell Eliantus Energy, a 74.7 Megawatts solar portfolio, to Sonnedix

JZ International and Elliott Advisors have sold Eliantus Energy, a fully-operating portfolio of solar power plants functioning under the Spanish regulatory regime, to Sonnidex, a global independent solar power producer.

The 74.7 Megawatts portfolio is comprised of 22 ground-mounted Photovoltaic (PV) plants, which have been operating since 2008-2013 and are located in Valencia, Toledo, Sevilla, Cáceres, Murcia, Badajoz and Albacete.

Eliantus Energy was sourced through JZI’s proprietary intermediary network, rather than through an auction process. At closing in July 2017, JZI and Elliott Advisors made a joint equity commitment of €100 million to Eliantus Energy. The Company has gone on to be a leader in consolidating small mega wattage plants mainly owned by single owners. After acquiring a plant, the management team and JZI optimized the profitability and efficiency of each plant.

During its ownership JZI issued two bonds, the latest which complied with the Green Bond Principles’ voluntary recommendations established by the International Capital Markets Association (ICMA).

JZI Managing Partner, Miguel Rueda, said: “Eliantus is the highly successful result of our buy-and-build strategy across various sectors in Europe. This transaction, under the present circumstances, demonstrates the strong long-term fundamentals and the commitment of reputable institutional investors to the PV sector in Spain”.

JZI Senior Partner, Alvaro Mata, added: “Our management partners and JZI have done an outstanding job consolidating a high-quality 74.7 Megawatts portfolio through various acquisitions and the issuance of two project-finance bonds prior to this sale. We thank them for all their hard work, and we hope we can continue to develop more opportunities together.”

About JZI

JZ International (“JZI”) is a leading lower middle market pan-European private equity investor specializing in partnering with family/owner managed businesses looking for longer term growth capital. JZI operates from offices in London, Madrid, Amsterdam and New York.

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 develops, builds, owns and operates solar power plants globally, including over 1GW of photovoltaic power plants in operation, as well as several hundred Megawatts under development, in Italy, France, Spain, USA/Puerto Rico, Chile, South Africa and Japan.