MEMC Electronic Materials and its subsidiary SunEdison have acquired Fotowatio Renewable Ventures (FRV US) for $112m including a repayment of about $19m in intercompany loans and capital contributions.

FRV US is a subsidiary of Fotowatio Renewable Ventures.

Under the terms of the transaction, MEMC is required pay additional $103.6m if FRV US achieves certain performance targets.

FRV US’s solar portfolio includes 42MW in operation in the US along with 28 projects currently in various stages of development, providing SunEdison with up to 1.4GW of solar projects in the US.

MEMC executive vice-president and SunEdison president Carlos Domenech said this complementary acquisition would help the company secure a leading position in the US utility market.