SPARX Group Co., Ltd. (SPARX) has concluded an agreement to purchase nine operational solar power plants (total output: 23 MW/DC) developed and acquired by West Energy Solution Inc., through a newly established special purpose company, Onjuku Solar Power LLC (Onjuku SPC).
SPARX Asset Trust & Management Co., Ltd., a SPARX subsidiary, will invest in Onjuku SPC through its SPARX Renewable Energy Brown Fund II LPS. SPARX Green Energy & Technology Co., Ltd., another SPARX subsidiary, will provide asset management services (“AM services”) for Onjuku SPC for approximately 19 years during the FIT period.
With this acquisition, SPARX will invest in, manage, and operate 42 power plants, with an output of approximately 625 MW. Moreover, bundling the AM services for nine power plants into one SPC, thereby consolidating various project-related contracts and asset management operations, SPARX aims to improve operational efficiency, which will help further expand its asset growth in the future.