SunEdison Inc. (NYSE: SUNE) said July 3 that it has completed its acquisition of a 50% ownership stake in Silver Ridge Power LLC (SRP) from a subsidiary of AES Corp. (NYSE: AES).
The buy was for approximately $178.6m in cash, after giving effect to certain pre-closing adjustments to the initial purchase price pursuant to the provisions of the acquisition agreement. Through its ownership in the SRP joint venture, SunEdison now owns a 50% interest in: 336 MW of solar power plant operating projects, including the 266 MW Mt. Signal solar project in California; and a 40% interest in Tenaska Imperial Solar Energy Center West, a 183-MW solar power facility to be completed in 2016.
The other 50% of the outstanding limited liability company interests of SRP remain held by an affiliate of Riverstone Holdings LLC. SunEdison will provide operations and management (O&M) and asset management for SRP’s entire projects portfolio.
In addition and as previously announced, following completion of the Tenaska Imperial Solar Energy Center West project in 2016, and subject to customary closing conditions and receipt of regulatory approvals, SunEdison expects to acquire Riverstone’s share of SRP’s interest in the Tenaska Imperial Solar Energy Center West project.
“SRP’s strong operating projects further enhance our growing renewable energy portfolio,” said Ahmad Chatila, CEO of SunEdison. “We are looking forward to working with Riverstone, our joint venture partner in SRP, to unlock value from SRP’s operating projects and projects in development.”
The Federal Energy Regulatory Commission on June 26 approved this transaction involving solar project interests between affiliates of SunEdison and AES.
SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company’s Renewable Operation Center. SunEdison has offices in North America, Europe, Latin America, Africa and Asia.