SunEdison, a worldwide solar energy services provider and subsidiary of MEMC Electronic Materials (NYSE: WFR), announced that KGAL GmbH & Co. has recently acquired 33 megawatts (MW) of solar photovoltaic (PV) systems located in Italy and Spain from SunEdison. The recently acquired projects follow the acquisition of 20 MW from SunEdison in the second quarter. The total of 12 projects with a total installed capacity of 53 MW, will be monitored, maintained and operated by SunEdison under long-term agreements.
SunEdison is one of the world's leading solar photovoltaic energy providers, with more than 500 solar photovoltaic power plants under management. KGAL is a German investment company owned by Commerzbank, BayernLB, HASPA Finanzholding and Sal. Oppenheim.
The solar portfolio acquired by KGAL has been developed by SunEdison's utility scale projects division. The company is also present in other two strategic business areas in the European market, including Commercial Rooftops and Residential solutions.
Pancho Perez, General Manager of SunEdison for Europe, Middle East, North Africa and Latin America commented, "This transaction demonstrates SunEdison's ability to create attractive solar investments with innovative financing and proven cost structures. It also proves our commitment toward the Italian and Spanish solar markets, where we continue to develop and build outstanding projects, as well as support top local developers. We are very pleased to partner with KGAL, one of Europe's leading investors in Renewable Energy and look forward to expanding our relationship with future projects."
"Investing in these projects developed by SunEdison enables us to add new valuable assets to our renewable energy portfolio, utilizing mature technologies, in one of the fastest growing segments of energy infrastructure," said Dr. Klaus Wolf, Managing Director of KGAL. "We believe this new investment and the whole portfolio of our renewable energy assets will generate a predictable long-term cash flow suitable to our focus on long-term infrastructure market. We have found a best-in class partner in SunEdison with a proven track record of developing, building, financing and operating solar photovoltaic power plants for our European investments."