SunEdison (NYSE: SUNE) will purchase a 50 percent ownership stake in Silver Ridge Power LLC from a subsidiary of the AES Corp.
Through the transaction, SunEdison will own half of a portfolio of solar power projects totaling 336-MW of capacity in various stages of development in the U.S., Europe and India at a value of $165 million. The deal also includes a 40 percent interest in the 183-MW Tenaska Imperial Solar Energy Center West, which is to be completed in 2016. The remaining 50 percent share of Silver Ridge Power will continue to be held by an affiliate of Riverstone Holdings LLC.
SunEdison also has an option to acquire AES’ 50 percent ownership in 130 MW of solar PV projects in Italy for an additional $42 million by August 2015. This agreement does not include the sale of AES’ 50 percent stake in the remaining 55 MW of solar PV projects in Puerto Rico and Spain.
Once the Tenaska project is complete, SunEdison will acquire Riverstone’s share in the project and to contribute a total of a 40 percent interest in Tenaska to SunEdison’s yieldco subsidiary in 2016. After the deal closes, Riverstone and SunEdison expect the joint venture to contribute the 266-MW Mt. Signal solar project in California to SunEdison’s yieldco subsidiary.
Regulatory approvals are expected in late June 2014.
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