SunEdison acquiring 7 RE projects totalling 757 MW

US-based renewable energy development company SunEdison has signed combined transactions for 757 megawatts of operating projects.

In a statement issued two days ago, the company said it was going “to acquire five portfolios of renewable projects and two corporate platforms”.

SunEdison will be acquiring Renova’s wind and hydropower projects in Brazil; wind project of FERSA and solar project of Chint in India; SA Portfolio’s wind and solar project in South Africa; and Solarpack solar project in Uruguay.

The corporate platforms the company is acquiring are LAP hydroproject in Peru and Honiton wind projects in China.

“SunEdison intends to act quickly to address the opportunity in emerging markets, where the majority of future global electric power infrastructure investments will be deployed,” Ahmad Chatila, CEO of SunEdison, said. “In aggregate, these seven transactions bolster our emerging markets platform. Our announcement is the first stage in our plan to move rapidly to capitalize on the opportunity to provide clean, renewable, cost-efficient power to the fast-growing emerging markets.”

SunEdison

SunEdison also announced that JPMorgan Chase Bank, Barclays, Citi and Morgan Stanley will be financing third party acquisitions through an aggregate $362 million non-recourse acquisition facility.

The funds for other requirements connected with the acquisitions are to be raised through capital markets transactions.

SunEdison has stated that the agreements it has signed in connection with the power plants are with “high-quality counterparties, including sovereign governments and large utilities”. The projects have a weighted average remaining contract life of 17 years.

The company expects to close the transactions either in the second quarter or the third quarter of this year, “subject to regulatory approvals, third-party consents and customary closing conditions”.

Ajith Kumar S

editor@greentechlead.com