SunEdison, the world’s largest renewable energy developer, has agreed to sell 333 MW of wind power plants to a strategic partnership.
A day after the company announced that it had revised its acquisition agreement with US solar company Vivint Solar to mollify investors, SunEdison has continued the good news by revealing that it has agreed to sell 333 MW of wind power plants to Terra Nova Renewable Partners for $209 million.
TerraNova Renewable Partners is a strategic equity partnership that was formed between SunEdison and institutional investors being advised by J.P Morgan Asset Management — Global Real Assets. The partnership was announced back in September, heralded by the purchase of a 33% stake in a 425 MW portfolio of solar projects originally owned by Dominion, which entered into a joint agreement with SunEdison. The purchase contained 24 projects across six US states, was valued at $300 million, and would receive project debt financing from both KeyBank N.A. and Santander Bank, N.A.
The new acquisition will see TerraNova Renewable Partners acquire two projects — the 185 MW Bingham wind farm and the 148 MW Oakfield wind farm, both located in Maine. Proceeds from the transaction will provide SunEdison with an upfront development margin, and some more goodwill with their investors.
“This transaction represents good value for SunEdison’s shareholders and enhances our financial strength and flexibility,” said Brian Wuebbels, SunEdison’s chief financial officer. “Terra Nova’s purchase is representative of the strong demand we’ve seen for ownership of SunEdison’s attractive renewable energy assets.”
“These high-quality SunEdison projects with long-term contracted cash flows are the kind of infrastructure assets our investors are interested in holding,” said Matt LeBlanc, J.P. Morgan Asset Management – Global Real Assets’ chief investment officer of OECD Infrastructure. “This is a significant transaction and the first with SunEdison since we announced our strategic partnership, and we look forward to completing more in the future.”
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