MEMC Electronic Materials Inc. and its solar energy subsidiary SunEdison have completed the previously announced acquisition of privately held Fotowatio Renewable Ventures Inc. (FRV U.S.), the 100% owned U.S. subsidiary of Fotowatio Renewable Ventures, a developer, operator and owner of solar power plants.
At closing, MEMC paid the previously disclosed initial consideration of $112 million, plus repayment of approximately $19 million in intercompany loans and capital contributions. Additional consideration of up to $103.6 million may be paid should FRV U.S. achieve certain performance targets, the companies note.
FRV U.S.'s solar portfolio includes 42 MW in operation in the U.S. In addition, FRV U.S.'s solar portfolio includes 28 projects currently in various stages of development, providing SunEdison with up to 1.4 GW of solar projects in the U.S. The FRV U.S. staff will remain in northern California and will report to MEMC's SunEdison subsidiary.