SunEdison continues to expand its footprint into emerging renewable energy markets. The world’s largest renewable energy project developer has now acquired stake in a Brazilian renewable energy project developer.
SunEdison has announced that it will purchase 15.87% stake in Brazil’s second largest clean energy project developer Renova Energia for a sum of $250 million. SunEdison had signed a letter of intent to acquire stake in Renova in May but the deal has been executed now.
In May, Renova had sold some renewable energy assets to SunEdison’s yieldco TerraForm Global. The assets, that include hydro power and wind energy projects, have a cumulative installed capacity of 336.2 MW. SunEdison also enjoys the right to acquire a further 1,870 MW capacity from Renova.
In December last year, SunEdison and Renova formed a joint venture to develop 1 GW of solar power projects in Brazil. SunEdison agreed to supply solar PV modules and trackers for four projects with 107 MW capacity. The projects were secured under the first renewable energy projects auction in Brazil.
Renova Energia has an operational power capacity of about 800 MW, with about 1.7 GW capacity under various stages of development.
SunEdison has been on an acquisition spree for the last several months. It recently acquired 521 MW wind energy capacity from Atlantic Power. It signed an agreement to acquire 100% stake in Globeleq Mesoamerica Energy, Central America’s leading renewable energy project developer, gaining about 650 MW in operational and under-development capacity. The company also took over Continuum Wind Energy, an Indian renewable energy independent power producer at an estimated cost of $600 million.