SunEdison has completed its acquisition of a 50% ownership stake in Silver Ridge Power, LLC (SRP) from a subsidiary of The AES Corporation. Through its ownership in the SRP joint venture, SunEdison will provide operations and management (O&M) and asset management for SRP's entire projects portfolio.
SunEdison closed this purchase for approximately $178.6 million in cash, after giving effect to certain pre-closing adjustments to the initial purchase price pursuant to the provisions of the acquisition agreement. Now, it owns a 50% interest in (i) 336 MW of solar power plant operating projects, including the 266 MW Mt. Signal solar project in California, and (ii) a 40% interest in the Tenaska Imperial Solar Energy Center West 183 MW solar power facility to be completed in 2016. The other 50% of the outstanding limited liability company interests of SRP remain held by an affiliate of Riverstone Holdings LLC (Riverstone).
In addition and as previously announced, following completion of the Tenaska Imperial Solar Energy Center West project in 2016, and subject to customary closing conditions and receipt of regulatory approvals, SunEdison expects to acquire Riverstone's share of SRP's interest in Tenaska Imperial Solar Energy Center West project.
"SRP's strong operating projects further enhance our growing renewable energy portfolio," said Ahmad Chatila, CEO of SunEdison. "We are looking forward to working with Riverstone, our joint venture partner in SRP, to unlock value from SRP's operating projects and projects in development."