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SunEdison Inc and Riverstone to partner in Silver Ridge Power joint venture

Tuesday, 17 Jun 2014 05:00pm EDT 

SunEdison Inc:Reaches definitive agreement to acquire 50 pct ownership stake in Silver Ridge Power, LLC (SRP) from subsidiary of AES Corporation.Through its ownership in the SRP joint venture, SunEdison will own 50 pct of 336 MW (megawatt) of solar power plant operating projects and 40 pct interest in the Tenaska Imperial Solar Energy Center West 183 MW solar power facility to be completed in 2016.SRP's assets include currently operating 266 MW Mt. Signal solar project in California.Acquisition is expected to close in late June 2014, subject to customary closing conditions and receipt of regulatory approvals.Following the acquisition, the remaining 50 pct of SRP will continue to be held by an affiliate of Riverstone Holdings LLC (Riverstone).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 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.Also to contribute total of a 40 pct interest in Tenaska Imperial Solar Energy Center West to SunEdison's yieldco subsidiary in 2016. 

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