Under the deal, SunEdison has purchased the stake from a subsidiary of AES Corp., and an affiliate of Riverstone Holdings LLC will retain the remaining 50% share of SRP.
SunEdison now owns interests in SRP's solar projects in operation and under development in Europe, India and the U.S. Specifically, SunEdison owns 50% of a 336 MW portfolio of operating solar power plants, including the 266 MW Mount Signal project in California. The stake also confers a 40% interest in the 150 MW Tenaska Imperial Solar Energy Center West facility, to be completed in 2016. The company says it expects to acquire Riverstone's share of SRP's interest in the Tenaska project once it is finished.
In addition, SunEdison will provide operations and management and asset management for SRP's entire project portfolio.
‘SRP's strong operating projects further enhance our growing renewable energy portfolio,’ says Ahmad Chatila, CEO of SunEdison. ‘We are looking forward to working with Riverstone, our joint venture partner in SRP, to unlock value from SRP's operating projects and projects in development.’