SunEdison Sells 70 MW PV Plant To First Reserve

SunEdison, a solar energy services provider and a subsidiary of MEMC Electronic Materials, has sold a 70 MW photovoltaic power plant located in northeast Italy, near the town of Rovigo. When completed in the fourth quarter of this year, the Rovigo plant is expected to be the largest operating solar power plant in Europe, according to SunEdison.

SunEdison and Banco Santander jointly developed and co-owned the Rovigo plant prior to this sale. The Rovigo plant was acquired by First Reserve through the previously announced joint venture established between First Reserve Energy and SunEdison. SunEdison is a minority investor in the joint venture.

Investment programs managed by Partners Group AG and Perennius Capital Partners SGR are also expected to co-invest in the project with the First Reserve joint venture. The total price for the sale is expected to be approximately 276 million euros. As part of the project acquisition, First Reserve has made an initial payment of 46 million euros to SunEdison, with the balance to be paid upon interconnection of the plant, which is expected to occur by the end of the fourth quarter of this year.

SOURCE: SunEdison

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