SunEdison acquires a 33% ownership interest in a 336 megawatt DC portfolio of operating solar power plants from Dominion (D), transfers interest to Terra Nova Renewable Partners
The co announced that it has acquired a 33% ownership interest in a 336 megawatt DC portfolio of operating solar power plants from Dominion (D) for an equity purchase price of $180 million plus a working capital adjustment. Terra Nova Renewable Partners, the strategic equity partnership formed between SunEdison and institutional investors advised by J.P. Morgan Asset Management -- Global Real Assets, simultaneously acquired SunEdison's interest in the transaction.
- This acquisition is the first of two phases of a deal announced in September of 2015. The entire solar portfolio consists of 24 projects, with a total capacity of 567 megawatts DC, located in Indiana, Georgia, Connecticut, California, Tennessee, and Utah. This first phase of the transaction is for 15 projects that generate 336 megawatts DC, and the second acquisition is for the remainder of the aggregate 567-megawatt DC portfolio. The second phase of the transaction is expected to close in early 2016.
- The solar portfolio's power output has been contracted with industry leading utilities and power offtakers with a weighted remaining contract term of 19.8 years. The partnership, through an indirect subsidiary, has the option to buy the remaining 67 percent of the portfolio upon the occurrence of certain triggering events.
SunEdison has the option to repurchase the projects from the partnership for a period of five years and may assign TerraForm Power (TERP) call rights to the projects should they be repurchased. Any projects not repurchased by SunEdison would continue to be owned by the partnership.