Renewable energy project developer SunEdison has acquired 15.87 percent stake in Brazilian peer company Renova Energia.
A statement said the acquisition, for which letter of intent had been executed in May, has been completed for $250 million. Renova was one of the seven assets totaling 757 megawatts capacity that SunEdison initiated acquisition of in May.
SunEdison has been on an acquisition spree for the past several months. Recently, it acquired 521 MW wind energy capacity from Atlantic Power. And it is in the process of fully acquiring Globeleq Mesoamerica Energy in Central America. The company also took over Continuum Wind Energy, a renewable energy independent power producer in India for $600 million.
Renova Energia, which has an operational power capacity of about 800 MW and about 1.7 GW capacity under various stages of development, sold renewable energy assets, including hydro and wind power projects, to TerraForm Global the yieldco of SunEdison.
Together, the projects had installed capacity of 336.2 MW. Also, SunEdison has been given the right to acquire 1,870 megawatts more of installed capacity from Renova.
Last December SunEdison and Renova formed a joint venture to develop 1 GW of solar power projects in Brazil. And SunEdison agreed to supply solar photovoltaic modules and trackers for four projects with 107 MW capacity in that country.
SunEdison had won its acquisitions in Brazil at the first renewable energy projects auction in that country.
Ajith Kumar S