SunEdison and Riverstone to partner in Silver Ridge Power joint venture
SunEdison, Inc. has reached a definitive agreement to acquire a 50% ownership stake in Silver Ridge Power (SRP), LLC from a subsidiary of The AES Corporation.
Through its ownership in the SRP joint venture, SunEdison will own 50% of 336 MW of solar power plant operating projects and a 40% interest in the Tenaska Imperial Solar Energy Center West 183 MW solar power facility to be completed in 2016. SRP's assets include the currently operating 266 MW Mt. Signal solar project in California.
The acquisition is expected to close in late June 2014.
Following the acquisition, the remaining 50% of SRP will continue to be held by an affiliate of Riverstone Holdings LLC. After closing, Riverstone and SunEdison expect the joint venture to contribute the Mt. Signal project to SunEdison's yieldco subsidiary.
In addition, following completion of the Tenaska Imperial Solar Energy Center West project, SunEdison expects to acquire Riverstone's share of SRP's interest in Tenaska Imperial Solar Energy Center West and to contribute a total of a 40% interest in Tenaska Imperial Solar Energy Center West to SunEdison's yieldco subsidiary in 2016.
Ahmad Chatila, CEO of SunEdison, stated:
SRP has several strong projects in operation.We're looking forward to working with Riverstone, a recognized leader in energy project finance and investing, to continue to monetize SRP's operating projects.
Michael B. Hoffman, a Partner at Riverstone, stated:
We're pleased to welcome SunEdison, a leader in project development, finance and asset ownership, as our new partner in SRP.
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