SunEdison has completed the second phase of its transaction to acquire a 33% ownership interest in a solar power plant portfolio from Dominion.
The company acquired the 33% interest in the remaining 231 MW portion of Dominion's 567 MW portfolio for $117 million.
Simultaneously, strategic equity partnership Terra Nova Renewable Partners acquired SunEdison's interest in the transaction for the same price. Terra Nova now owns the 33% interest in Dominion's 567 MW solar portfolio through the consummation of both phases of the transaction.
SunEdison has the option to purchase the assets held by the partnership for a period of five years. The partnership, through an indirect subsidiary, has the option to purchase Dominion's remaining 67% interest when certain trigger events occur.
This second phase of the transaction is for nine out of the 24 total projects in Dominion's portfolio.
KeyBanc Capital Markets and Santander Bank served as advisors to SunEdison. CohnReznick Capital Markets served as financial advisor and Milbank, Tweed, Hadley & McCloy LLP served as legal advisor to J.P. Morgan Asset Management.