SunEdison buys half of Silver Ridge's 336-MW PV portfolio
Jul 3, 2014 - US firm SunEdison Inc (NYSE:SUNE) said today it has finalised the purchase of a 50% interest in Silver Ridge Power LLC, a firm that owns 336 MW of photovoltaic (PV) projects.
The solar company bought the stake for USD 178.6 million (EUR 131m) in cash from power company AES Corp (NYSE:AES). As part of the deal, SunEdison obtained a 50% shareholding in the 266-MW Mount Signal park in California, completed in May this year. The capacity is given in direct current (DC).
According to a previous press release by AES Corp, the transaction includes 50% stakes in operational solar parks and projects under development in Europe, India and the US. In addition, SunEdison has an option to buy AES Corp’s 50% interest in 130 MW of solar schemes in Italy for USD 42 million by August 2015.
Private investment firm Riverstone Holdings LLC owns the other 50% in Silver Ridge, which was previously known as AES Solar.
In addition to the listed assets, the target company also holds a 40% minority stake in the 183-MW Tenaska Imperial Solar Energy Center West project. In June, US independent energy company Tenaska, the owner of the majority stake in the said project, secured USD 450 million in financing for it. Construction works are slated to begin later this year and the park is expected to be wrapped up in 2016.
SunEdison noted that it expects to buy Riverstone's share of Silver Ridge’s stake in the Tenaska project when the plants is up and ready to run.