Dive Brief:
- SunEdison will buy 50% of 336 megawatts of solar projects held by AES Corp in India, Europe, and the U.S. for $165 million and could add another 65 megawatts in Italy for $42 million more.
- SunEdison is purchasing the projects from Silver Ridge Power, a joint venture between AES and private equity firm Riverstone Holdings.
- Riverstone Holdings was the developer of the 265 megawatt Mount Signal Solar project which Google bought into last year and which went online early this year but AES retains the $50 million tax equity investment in Mount Signal.
Dive Insight:
SunEdison is one of four vertically integrated U.S. solar companies, along with SunPower, First Solar, and SolarCity. Analysts recently upgraded the SunEdison stock, based on its successful introduction of a YeildCo.
SunEdison has until August 2015 to decide on the purchase of half of AES’s Italian solar holdings. CFO Brian Wuebbels predicted during the SunEdison 2013 earnings report the company would be building, selling, and buying solar this year.
