SunEd wants Mt. Signal for yieldco

An aerial shot of the Mount Signal spread taken in early March 2014.

An aerial shot of the Mount Signal spread taken in early March 2014.

SunEdison intends to buy AES Corp.’s half-stake in the developer Silver Ridge Power, while also acquiring a majority stake in the recently finished 206MW Mount Signal project to feed into its as-yet-unlaunched yieldco.

The move would make SunEdison the co-owner of Silver Ridge Power LLC (known originally as AES Solar) alongside the private-equity firm Riverstone Holdings.

Through a series of parallel transactions, SunEdison would take on majority ownership of Mount Signal – also known as Imperial Valley 1, and located in California – which would then be transferred to its yieldco, which is expected to be listed publicly later this year.

Finished recently, Mount Signal sells its electricity under a long-term deal to San Diego Gas & Electric Company. Google is a tax-equity investor in the project, which was built by Spain’s Abengoa.

The necessary paperwork related to the proposed deals was submitted to the Federal Energy Regulatory Commission last week, with SunEdison and AES requesting that approval be granted by late June.

SunEdison confirmed its plan to launch a yieldco vehicle earlier this year. Last month the yieldco was “initially capitalized” with a $250m loan facility from Goldman Sachs, so that it could begin acquiring projects from SunEdison and other developers.

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