IPL parent company AES sells solar projects

Posted by Laura Arnold  /   June 19, 2014  /   Posted in Uncategorized  /   No Comments

Solar power

SunEdison acquires 50% interest in Silver Ridge Power, solar power projects

SunEdison (NYSE: SUNE) will purchase a 50 percent ownership stake in Silver Ridge Power LLC from a subsidiary of the AES Corp.

[Editor's note: Indianapolis Power and Light (IPL) is an operating subsidiary of AES.]

Through the transaction, SunEdison will own half of a portfolio of solar power projects totaling 336-MW of capacity in various stages of development in the U.S., Europe and India at a value of $165 million. The deal also includes a 40 percent interest in the 183-MW Tenaska Imperial Solar Energy Center West, which is to be completed in 2016. The remaining 50 percent share of Silver Ridge Power will continue to be held by an affiliate of Riverstone Holdings LLC.

SunEdison also has an option to acquire AES’ 50 percent ownership in 130 MW of solar PV projects in Italy for an additional $42 million by August 2015. This agreement does not include the sale of AES’ 50 percent stake in the remaining 55 MW of solar PV projects in Puerto Rico and Spain.

Once the Tenaska project is complete, SunEdison will acquire Riverstone’s share in the project and to contribute a total of a 40 percent interest in Tenaska to SunEdison’s yieldco subsidiary in 2016. After the deal closes, Riverstone and SunEdison expect the joint venture to contribute the 266-MW Mt. Signal solar project in California to SunEdison’s yieldco subsidiary.

Regulatory approvals are expected in late June 2014.

-------------------------------------------------------------

SunEdison +1.5% AH on deal to own half of Silver Ridge Power • 5:19 PM 6/17/14

  • SunEdison (SUNE) is buying AES' 50% stake in Silver Ridge Power (SRP) for an undisclosed sum. The deal gives SunEdison 50% ownership of 336MW of operating solar projects, and 40% ownership of a 183MW CA solar project to be finished in 2016. (PR)
  • The remaining 50% stake in SRP will continue to be owned by Riverstone Holdings. But Riverstone and SunEdison expect SRP to contribute a 266MW operating CA solar project in its possession to SunEdison's TerraForm Power (TERP) YieldCo unit.
  • SunEdison also expects to buy Riverstone's share of SRP's interest in the 183MW project, and to contribute a 40% interest in the project to TerraForm in 2016.
  • Earlier: Solar stocks jump following SolarCity, Yingli news

Read comments

AES price at time of publication: $14.56. Check AES price now »

Post a Comment

Your email address will not be published.

*

* Copy This Password *

* Type Or Paste Password Here *

Copyright 2013 IndianaDG