TerraForm completes 294MW acquisition of Brazilian wind energy projects

21 September 2015 (Last Updated September 21st, 2015 18:30)

US renewable giant SunEdison's yieldco TerraForm Global has closed its acquisition of two Brazilian wind energy projects totalling 294MW from Renova Energia.

US renewable giant SunEdison’s yieldco TerraForm Global has closed its acquisition of two Brazilian wind energy projects totalling 294MW from Renova Energia.

Purchased with a combination of TerraForm Global Class A common stock and cash, the company intends to place the projects under its Global IPO portfolio.

Divestment of the stakes in Salvador and Bahia wind energy projects is a part of Renova Energia’s sale of renewable assets, announced in July.

"We are excited to grow our relationship with Renova and launch our platform in Brazil, one of TerraForm Global’s key markets."

Along with the two wind projects, the firm had also given up three small hydropower plants (HPP) comprising 41.8MW for R$1.6bn ($404m).

TerraForm Global CEO Carlos Domenech said: "TerraForm Global is executing on our commitment to deliver high-quality, contracted cashflows to our investors.

"We are excited to grow our relationship with Renova and launch our platform in Brazil, one of TerraForm Global’s key markets."

In November last year, SunEdison formed a 50:50 joint venture (JV) with South American firm Renova Energia to develop, own and operate 1GW of utility scale solar photovoltaic (PV) energy for the regulated electricity market in Brazil.

The JV is expected to set up four utility-scale solar PV plants in the Brazilian state of Bahia by 2017. It has signed contracts with the Brazilian energy commercialisation authority, Camara Comercializadora de Energia Electrica (CCEE), to install 106.9MW of solar power.