SunEdison, Inc. (Belmont., California, US), on May 8th, 2015 announced the signature of definitive agreements to acquire five portfolios of renewable energy projects and two corporate platforms, LAP Holding BV in Latin America, and two subsidiaries of Honiton Energy Holding, Ltd., in China, as well as the closing of equity investments and an acquisition debt facility for its emerging markets initiatives.
Through these combined transactions, SunEdison will secure 757 MW of operating projects and 1,918 MW of Right of First Offer (ROFO) projects, of which 534 MW are operating ROFO projects enhancing visibility into acquisition opportunities in emerging markets.
In addition to the projects the LAP transaction also benefits the SunEdison development division by securing 204 MW of backlog projects with dollar denominated power purchase agreements (PPAs) and 659 MW of development pipeline projects in Peru and Chile to further strengthen its organic development business.
“As we described in our Capital Markets Day in February, 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,” said Ahmad Chatila, CEO of SunEdison.
“In aggregate, these seven transactions bolster our emerging markets platform. Our announcement today 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 obtains USD 175 million of equity investments and USD 362 million debt facility for emerging markets initiatives
In connection with the referenced acquisitions, SunEdison announced on May 8th, 2015 that Blackstone Group, Everstream Opportunities Fund II and Altai Capital Management have made an investment of USD 175 million in a SunEdison subsidiary.
SunEdison also announced that it has secured a USD 362 million non-recourse acquisition facility for the emerging market initiatives with JPMorgan Chase Bank, Barclays, Citi and Morgan Stanley.
Proceeds are available for the funding of third party acquisitions of operating renewable energy projects. The remainder of the funds required in connection with the acquisitions will be raised through capital markets transactions.
The power plants to be acquired through these transactions have high-quality counterparties including sovereign governments and large utilities, and have a weighted average remaining contract life of 17 years.
These transactions are expected to close in either the second or third quarter of 2015, subject to regulatory approvals, third-party consents and customary closing conditions.
23.1 MW Chint solar assets acquisition in India
SunEdison has signed a definitive agreement to buy out the 51% equity interest from its partner, an affiliate of Chint Solar (Zhejang, China) Co. Ltd, in the 23.1 MW solar project NSM 24 located in India.
NSM 24 is an operating solar project in Rajastan, India, and upon completion of the acquisition, SunEdison will own 100% of the project. The counterparty to the PPA is NVVN, a wholly owned subsidiary of NTPC Limited, the largest state owned energy producer in India.
South Africa wind & solar deals
SunEdison has also signed a definitive agreement to buy a 70% interest in a diversified portfolio of projects with a leading South African renewable energy company with a gross capacity of 34 MW AC.
The operating portfolio consists of two 7.5 MW AC solar power plants in the Northern Cape Province of South Africa and a 18.9 MW AC wind farm in the Western Cape Province of South Africa. The power plants are contracted under 20-year fixed-price PPAs with Eskom, South Africa's largest state-owned power utility.
Solarpack PV project acquisition in Uruguay
SunEdison has signed a definitive agreement to acquire a 100% equity interest in Alto Cielo, S.A., a special purpose vehicle owning a 26 MW solar power project under construction in Uruguay.
SunEdison is purchasing Alto Cielo from Solarpack Corporación Tecnológica, S.L., a multinational solar power development company based in Spain.
The Alto Cielo project is located in the Tomás Gomensoro locality, Artigas Department, Uruguay, and is expected to be interconnected in the fourth quarter of 2015. The project is contracted under a U.S. dollar-denominated, 28-year PPA with the National Administration of Power Plants and Electrical Transmissions (UTE), Uruguay's state-owned utility.
2015-05-08 | Courtesy: Sun Edison | solarserver.com © Heindl Server GmbH
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