SunEdison buys 602MW solar stake

SunEdison has completed the acquisition of 50% ownership in Silver Ridge Power (SRP) for $178.6m in cash from a subsidiary of The AES Corp., giving it an interest in 602MW of operating solar projects and one under construction.

The other 50% of the outstanding limited liability company interests of SRP remain held by an affiliate of private investment firm Riverstone Holdings,

Through its ownership in the SRP joint venture, SunEdison now owns a 50% interest in 336 MW of solar power plant operating projects and a 40% interest in the 183MW Tenaska Imperial Solar Energy Center West under construction.

The operating projects are located in Europe, India and the US.

SunEdison expects to acquire Riverstone's share of SRP's interest in Tenaska Imperial Solar Energy Center West project after its completion in 2016.

SunEdison will provide operations and management (O&M) and asset management for SRP's entire projects portfolio.

"SRP's strong operating projects further enhance our growing renewable energy portfolio," says SunEdison chief executive Ahmad Chatila. “We are looking forward to working with Riverstone … to unlock value from SRP's operating projects and projects in development."