SunEdison Inc. (NYSE: SUNE) signed definitive agreements to acquire five portfolios of renewable energy projects and two corporate platforms in Latin America and China.
SunEdison will secure 757 MW of operating projects and 1,918 MW of right of first offer projects, of which 534 MW are operating. The wind, solar and hydropower projects are located in Brazil, China, India, Peru, South Africa and Uruguay. In addition to the renewable projects, the deal includes the acquisition of LAP Holdings BV, a Latin America hydropower and wind development and operations and maintenance company; and Honiton Energy Holding Ltd. in China. The projects are:
· Wind and hydropower assets totaling 336 MW from Renova Energia in Brazil and a ROFO for 1,870-MW of renewable energy projects
· Three wind energy projects with a total generating capacity of 150 MW in China from Honiton Energy Holding Ltd.
· Three operating wind projects in India with a total generating capacity of 102 MW from Spain-based Fersa Energias Renovables SA
· Five wind, hydropower and solar projects in Peru and Chile through the acquisition of Latin American Power totaling 984 MW
· A 23.1 MW solar power project in India from Chint Solar (Zhejang) Co. Ltd
· Two 7.5 MW AC solar plants and a 18.9 MW AS wind farm in South Africa, and
· A 26 MW solar power project under construction in Uruguay from Solarpack Corporacion Tecnologica SL.
In addition, Blackstone Group, Everstream Opportunities Fund II and Altai Capital Management have made a $175 million investment in a SunEdison subsidiary. The company said it also secured a $362 million non-recourse acquisition facility for the emerging market initiatives with JPMorgan Chase Bank. Barclays, Citi and Morgan Stanley.
The transactions are expected to close in the second or third quarter of 2015, subject to regulatory approvals and customary closing conditions.
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