SunEdison expands global renewable energy portfolio with seven new deals

7 May 2015 (Last Updated May 7th, 2015 18:30)

US based, green energy developer SunEdison has been awarded a portfolio of seven renewable energy projects, with a combined operation of 757MW, from multiple power companies.

US based, green energy developer SunEdison has been awarded a portfolio of seven renewable energy projects, with a combined operation of 757MW, from multiple power companies.

The portfolio includes wind, solar and hydro projects located in Brazil, China, India, Peru, Chile, South Africa and Uruguay.

The deals have been signed with Renova Energia, Honiton Energy, Fersa Energías Renovables, Latin American Power, Chint Solar (Zhejang) and Solarpac, as well as another renewable energy portfolio in South Africa.

In addition to the operating portfolio of 757MW, the acquisitions also enable the firm to secure 1,918 MW of third party right of first offer (ROFO) projects.

SunEdison CEO Ahmad Chatila said: "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."

Renova Energia will provide the firm 336MW of wind and hydro assets in Brazil.

"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."

SunEdison aims to be a 16% stakeholder for Renova’s portfolio, will also have access to ROFO for 1,870MW and ROFO for future Renova-developed pipeline projects under the deal.

The US-based firm will acquire two wind development, operations and maintenance assets from Honiton Energy, which owns three operating utility-scale wind projects totalling 150MW.

Six operating hydro electric generating facility in Peru will be purchased from Latin American Power.

SunEdison will also secure 70% interest in wind and solar projects, totalling 30MW, from a undisclosed renewable developer in South Africa.

In India, the firm will acquire 102MW of wind developments from Fersa Energías Renovables, as well as a 51% stake in a 23.1MW solar energy facility from a Chint Solar affiliate.

Solarpack will sell the US firm the special purpose vehicle, Alto Cielo, which is the owner of a solar project in Uruguay. The 26MW project is presently under stages of construction in the village of Tomás Gomensoro.

SunEdison intends to close the transactions within the third quarter of the year, following regulatory approvals.

The firm had secured $175m of equity investments from Blackstone, Everstream and Altai for the acquisitions. JP Morgan, Chase Bank, Barclays, Citi and Morgan Stanley have also provided $362m as a loan to the company for the renewable assets.