Renewable energy company acquisition completed by SunEdison

SunEdison, a unit of MEMC Electronic Materials Inc. (NYSE: WFR), completed its acquisition of Fotowatio Renewable Ventures Inc., a unit of Fotowatio Renewable Ventures, for $131 million.

At closing, MEMC paid $112 million, plus $19 million in intercompany loans and capital contributions. Under terms of the acquisition, up to an additional $103.6 million may be paid should Fotowatio hit performance targets.

Fotowatio’s solar portfolio includes 42 MW in operation in the U.S. and 28 projects in various stages of development for a total of 1.4 GW of solar capacity. Staff will remain in northern California and will report into SunEdison.

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