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June 16, 2015

SunEdison adds over 2GW of renewable assets to its portfolio

SunEdison has signed two agreements to acquire more than 2GW of wind and solar power projects across Central America and India.

wind

SunEdison has signed two agreements to acquire more than 2GW of wind and solar power projects across Central America and India.

The first agreement has been signed to acquire Globeleq Mesoamerica Energy (GME) from Actis and Mesoamerica Power, which owns 70% and 30% stakes in the entity, respectively.

The acquisition will add GME-owned 243MW AC wind farms and 82MW DC solar power station in Costa Rica, Honduras and Nicaragua, to SunEdison’s portfolio.

GME also owns 80MW alternating current (AC) wind farms entering construction in Costa Rica and a 246MW pipeline of AC wind projects across Central America, all of which will be transferred to SunEdison.

"The acquisition of GME strengthens SunEdison’s leadership position in the global wind energy market."

The GME assets are accompanied by long-term power purchase agreements (PPAs) with local utilities or suppliers.

SunEdison president and CEO Ahmad Chatila said: "The acquisition of GME strengthens SunEdison’s leadership position in the global wind energy market and significantly expands our presence in Central America, a region that offers growth opportunities for our emerging markets development platform."

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The second deal represents SunEdison’s acquisition of Continuum Wind Energy, which owns and operates 242MW AC wind power plants in the states of Maharashtra and Gujarat in India.

The acquisition will also add another 170MW wind facility in the state of Madhya Pradesh to SunEdison’s portfolio. Construction for this is underway.

Continuum Wind also has more than 1,000MW wind projects in the pipeline across six Indian states, which will be added to SunEdison portfolio through the deal.

Chatila said: "With the acquisition of Continuum, a leading wind energy company in India, we have added significant assets and a skilled wind development team to drive further growth in our renewable energy development platform."

Both the agreements await regulatory approvals, third-party consents and customary closing conditions, following which they are expected to be closed in the third quarter.


Image: SunEdison to add 2,000MW of wind and solar assets with two acquistions. Photo: courtesy of dan / FreeDigitalPhotos.net.

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