A group of investors led by SunEdison-backed EverStream have finalised their acquisition of the 50.7MW San Andres PV plant in Chile, the largest merchant solar-power plant in the world.
US-based SunEdison developed and built San Andres, which was recently completed in the Atacama desert, and sells its electricity directly onto Chile’s spot market in direct competition with all other power sources.
Chile’s Claro y Asociados also invested in the San Andres project, which initially received debt finance from the US Overseas Private Investment Corporation and the World Bank’s International Finance Corporation.
SunEdison last year helped to form EverStream Energy Capital Management, an independent private-equity investor focused on solar and natural gas projects, as part of a strategy to raise ever-more and ever-cheaper capital to build out its immense global PV pipeline.
Despite being partially owned by SunEdison and thus benefiting from an insider’s look at SunEdison’s myriad global projects, EverStream claims it is able to buy projects from any developer. Last year the firm was rumoured to have acquired ailing Belgium-based solar EPC specialist Enfinity.
It remains to be seen how SunEdison’s recently announced plans to potentially float a yieldco will affect its relationship with EverStream.
Over the past year or so, the public listing of yieldcos has proven an increasingly effective means for developers to raise cheaper capital than they would otherwise be able to.