MMEC to Acquire Fotowatio Renewable Ventures

7 August 2011 (Last Updated August 7th, 2011 18:30)

MEMC Electronic Materials and its subsidiary Sun Edison have signed an agreement to acquire Fotowatio Renewable Ventures (FRV US) for $112m. Under the terms of the agreement, MMEC will also repay $22.9m in intercompany loans and capital contributions, and a deferred payment of $103.6m

MEMC Electronic Materials and its subsidiary Sun Edison have signed an agreement to acquire Fotowatio Renewable Ventures (FRV US) for $112m.

Under the terms of the agreement, MMEC will also repay $22.9m in intercompany loans and capital contributions, and a deferred payment of $103.6m once FRV US achieves certain performance targets.

The acquisition is expected to close this year, subject to the receipt of regulatory approvals.

FRV US has 42 MW of solar projects in operation in the US, 28 of which are in various stages of development.