SunEdison Inc., a global renewable energy development company and asset manager, says it has acquired a 33% ownership interest in a 336 MW DC portfolio of solar power plants from Dominion for $180 million plus capital adjustment.
It is the first in a two-phase deal announced this past September.
Terra Nova Renewable Partners, the strategic equity partnership created by SunEdison and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets, subsequently acquired SunEdison's stake.
The Terra Nova partnership's first acquisition is for 15 projects, and the second will be for the remainder of the aggregate 567 MW DC portfolio, comprising 24 projects.
The portfolio's output is contracted with industry utilities and off-takers with a term of 19.8 years, and the partnership has the opportunity to buy the remaining 67%.
SunEdison has the option to purchase the solar projects from the Terra Nova partnership for a period of five years and may award TerraForm Power Inc. call rights to the projects.
The second phase of the transaction is expected to close in early 2016.