SunEdison Inc. has acquired the 156 MW Comanche Solar project in Colorado from renewable energy developer Community Energy.
SunEdison is partnering with Community Energy to complete the final development stage of the project by structuring the financing and providing procurement services. SunEdison will manage the construction, operation and maintenance of the solar power plant.
The 900-acre solar power plant will incorporate more than 400,000 SunEdison monocrystalline PV modules. Construction is expected to begin in 2015 with commercial operation targeted for early 2016.
TerraForm Power, SunEdison's yieldco subsidiary, has the option – but not the obligation – to purchase the project once it achieves commercial operation. A day prior to SunEdison's Comanche announcement, TerraForm Power received approximately $533.5 million from its initial public offering in addition to gross proceeds of $65.0 million from stock sales in private placement transactions.
Xcel Energy will purchase electricity generated from Comanche Solar under a 25-year power purchase agreement with SunEdison.