Published on January 20th, 2016 | by Joshua S Hill3
SunEdison Closes 231 MW Solar Portfolio Acquisition From Dominion
January 20th, 2016 by Joshua S Hill
SunEdison has closed the second phase of a transaction with Dominion to acquire a stake in a 567 MW solar portfolio.
SunEdison, the largest global renewable energy development company, announced on Tuesday that it had completed the second phase of its transaction with Dominion to acquire a 33% ownership interest in a 567 MW solar portfolio.
The acquisition of a 33% interest in the remaining 231 MW portion of the portfolio of solar power plants cost $117 million.
Immediately, Terra Nova Renewable Partners, a strategic equity partnership formed between SunEdison and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets – acquired SunEdison’s interest in the project for the same price, meaning that Terra Nova now holds the 33% interest in Dominion’s 567 MW portfolio.
“We are pleased that the Terra Nova partnership has invested in Dominion’s diverse, domestic portfolio of solar assets,” said Brian Wuebbels,SunEdison’s chief financial officer. “With Terra Nova acquiring the assets, we retain an option to acquire high quality contracted cash flows in the future.”
SunEdison has retained the option to repurchase the stake for a period of five years, at which point it has also retained the right to assign call rights to the projects to its yieldco, TerraForm Power.
The 567 MW of solar projects consist of 24 projects which are located in Indiana, Georgia, Connecticut, California, Tennessee, and Utah. SunEdison’s acquisition accounted for nine of these projects, as follows:
- Pavant, 62.3 MW
- Cottonwood Carport, 1.1 MW (under construction)
- Cottonwood Corcoran, 14.7 MW
- Cottonwood Goose Lake, 16.9 MW
- Richland, 33.7 MW
- Alamo, 23.7 MW
- Maricopa West, 28.2 MW
- Catalina 2, 24.3 MW
- Imperial Valley, 25.9 MW
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