Dominion (NYSE: D) will sell 33 percent of its ownership in 425 MW of solar power capacity for $300 million to SunEdison (NYSE: SUNE).
As part of the agreement, SunEdison has a future option to buy all or a portion of Dominion’s remaining 67 percent ownership of the solar portfolio. The portfolio includes 24 projects in California, Connecticut, Georgia, Indiana, Tennessee and Utah.
Fifteen of the projects started commercial operations in 2013 and 2014. The remaining projects have either been completed or have expected-in-service dates in 2015.
All of the projects have long-term power purchase agreements with local electricity providers. The deal requires approval by the Federal Energy Regulatory Commission.
Dominion also agreed to enter into a joint venture with SunEdison to develop the 210-MW Three Cedars Solar project in Utah, which is scheduled for completion in 2016. The project consists of three sites under development that have secured 20-year power purchase agreements, interconnection agreements and engineering, procurement and construction contracts.