Susgen, a market-leading financier and partner to renewable energy developers, announces the sale of its UK-based solar and battery storage development company JBM Solar to RWE, the UK’s largest power producer.
Headquartered in London and founded in 2012, JBM Solar exits the Susgen portfolio as the UK’s largest independent developer of solar and co-location battery storage with a pipeline of 6.1 gigawatts (GWac) split between 3.8 GWac solar and 2 .3GWac co-located battery storage projects. JBM Solar has built a team of 30 professionals with an extensive track record in the solar sector and expertise throughout the development process, from land acquisition to construction.
“We are happy for the JBM team and wish them every success in the next chapter of their exciting story with RWE. Susgen is proud to have helped enable the development of a solar and battery pipeline that will provide a significant portion of the UK Government’s 70GW solar target for 2035‘ commented Joseph Pillai, CEO of Susgen.
Some of these projects have already received the necessary planning approvals from the responsible authorities. The first solar and battery storage projects could go into operation as early as the end of 2024.
David Cramer, co-founder of JBM Solar added: “The sale marks the beginning of a new phase for this team, but also closes the door on a very successful chapter in our history. Susgen’s successful partnership and financial and strategic support over the past five years has enabled JBM Solar to build an excellent team and unrivaled pipeline.”
The successful sale of JBM Solar allows Susgen to focus on finding new partners to accelerate the transition to Net Zero while also enabling the development of a 4GW pipeline under its standalone battery storage developer Alcemi.
This transaction follows Susgen’s successful exit from Urban Grid to Brookfield Renewable in early 2022. As a result of these investments, Susgen has delivered 30GW of renewable projects in the North American and UK markets.
“Susgen is committed to a zero-emission economy and is proud to have over the last 10 years helped fund a number of projects across all current and previous partner platforms which, once established, will generate enough electricity to meet annual needs cover 2.5 million households and save 6.5 million tons of CO2added Joseph Pillai.
BNP Paribas acted as exclusive financial advisor to JBM Solar.
Linklaters, TLT and KPMG also advised on the sale process.
About Susgen
Susgen is a market-leading financier and partner to renewable energy development companies. Since 2012, Susgen has focused on investing, developing and managing strategic, scalable portfolios of renewable energy assets to combat climate change.
Susgen has successfully invested in companies that have established and fully developed 2GW to date and funded over 30GW of solar PV, co-location and standalone storage pipelines. They aim to invest in the development of an additional 15 GW of project opportunities over the next three years.
About JBM Solar
JBM Solar is a team of experienced project development and finance professionals developing utility scale solar and battery storage projects across the UK. JBM Solar is at the heart of the UK’s renewable energy revolution, helping to achieve the collective goal of net zero emissions through the use of solar energy and flexible power generation.
The JBM Solar team have been developing projects since 2012 and are proud to have received planning permission status for a number of solar projects in the UK and Ireland. JBM Solar has one of the largest subsidy free portfolios in the UK.
About RWE
RWE is on the way to a green energy world. With a comprehensive investment and growth strategy, the company will expand its powerful, green generation capacity internationally to over 50 gigawatts by 2030. RWE is investing more than 50 billion euros gross in this decade. The portfolio is based on offshore and onshore wind, solar, hydrogen, batteries, biomass and gas. RWE Supply & Trading offers tailor-made energy solutions for major customers. RWE has locations in the attractive markets of Europe, North America and the Asia-Pacific region. The company is responsibly phasing out nuclear energy and coal. Government mandated phase-out plans have been defined for both of these energy sources. RWE employs around 19,000 people worldwide and has a clear goal: to reach net zero by 2040. Along the way, the company has set ambitious targets for all activities that cause greenhouse gas emissions. The Science Based Targets initiative has confirmed that these emission reduction targets are consistent with the Paris Agreement. In line with the company purpose: Our energy for a sustainable life.
