Susgen Sells Leading Independent Renewables Developer JBM Solar to RWE
Susgen, a market leading funder and partner to renewable energy development companies, announces the sale of its UK-based solar and battery storage development company JBM Solar to RWE, the UK’s largest power generator.
Headquartered in London and founded in 2012, JBM Solar leaves the Susgen portfolio as the UK’s largest independent solar and co-located battery storage developer, with a pipeline of 6.1 gigawatts (GWac), split into 3.8 GWac solar, and 2.3 GWac 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 across the entire development process, from land acquisition to construction readiness.
“We are delighted for the JBM team, and we wish them every success in the next chapter of their exciting story with RWE. Susgen are proud to have helped enable the development of a solar and battery pipeline that will deliver a significant proportion of the UK Government's 2035 70GW solar target” commented Joseph Pillai, CEO of Susgen.
A number of these projects have already secured the necessary planning approvals from the relevant authorities. The first solar and battery storage projects could be operational as early as the end of 2024.
David Cramer, co-founder of JBM Solar added, “The sale marks the start of a new phase for this team, but also closes the door on a very successful chapter in our history. Partnering successfully with Susgen over the last five years and leaning on them for financial and strategic support has enabled JBM Solar to build an outstanding team and an unrivalled pipeline.”
The successful sale of JBM Solar enables Susgen to focus on identifying new partners to accelerate the transition to Net Zero, whilst 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 across the North American and UK markets.
“Susgen is committed to helping deliver a zero emissions economy and is proud that over the last 10 years it has helped to fund a pipeline of projects, across all current and former partner platforms, that once constructed will generate enough power to meet the annual demand of 2.5 million households and save 6.5 million tonnes of CO2”, added Joseph Pillai.
BNP Paribas acted as exclusive financial adviser to JBM solar.
Linklaters, TLT and KPMG also advised on the sale process.
Susgen | https://www.susgen.com/
JBM Solar | https://jbm-solar.com/
RWE | https://www.rwe.com/en/