Renewable energy company acquisition completed by SunEdison

SunEdison, a unit of MEMC Electronic Materials Inc. (NYSE: WFR), completed its acquisition of Fotowatio Renewable Ventures Inc., a unit of Fotowatio Renewable Ventures, for $131 million.

At closing, MEMC paid $112 million, plus $19 million in intercompany loans and capital contributions. Under terms of the acquisition, up to an additional $103.6 million may be paid should Fotowatio hit performance targets.

Fotowatio's solar portfolio includes 42 MW in operation in the U.S. and 28 projects in various stages of development for a total of 1.4 GW of solar capacity. Staff will remain in northern California and will report into SunEdison.

Read more mergers and acquisitions news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...