Just Energy closes sale of commercial solar development arm

Nov 5, 2014 - Canadian natural gas and electricity retailer Just Energy Group Inc (TSE:JE) said today it had finalised the sale of its non-core commercial solar development unit to TerraForm Power Inc (NASDAQ:TERP).

Under the terms of the deal signed in September, Just Energy has disposed of Hudson Energy Solar Corp for USD 23 million (EUR 18.4m) in cash. The buyer will also repay or assume about USD 33 million in outstanding debt.

Just Energy initially did not disclose the name of the purchaser, but now unveiled it is TerraForm, the yieldco unit of US solar company SunEdison Inc (NYSE:SUNE).

The vendor pointed out it will use the net proceeds for general corporate purposes, including for reducing the balance on its revolving credit line.

(USD 1.0 = EUR 0.801)

Choose your newsletter by Renewables Now. Join for free!