SunEdison, JP Morgan alliance buys 1/3 of 336-MW solar portfolio

The recently-formed partnership between SunEdison Inc (NYSE:SUNE) and clients of JP Morgan (NYSE:JPM) has acquired a 33% interest in a 336-MW portfolio of operating solar plants from Dominion (NYSE:D).

US renewables developer SunEdison said today it has bought the above-mentioned stake for USD 180 million (EUR 165m), plus a working capital adjustment, and then sold it to Terra Nova Renewable Partners, its partnership with institutional investors advised by JP Morgan Asset Management – Global Real Assets.

Terra Nova Renewable Partners now has interest in 15 out of the 24 solar parks included in the whole portfolio, whose total capacity amounts to 567 MW in direct current (DC). The company plans to buy into the remaining plants early next year. It also has the option to take over the entire portfolio upon the occurrence of certain triggering events.

The portfolio includes facilities located in Indiana, Georgia, Connecticut, California, Tennessee and Utah. They sell their output to “industry leading utilities and power offtakers” under deals with a weighted remaining contract term of 19.8 years.

SunEdison and JP Morgan formed the specific partnership in September 2015.

(USD 1.0 = EUR 0.915)

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