Dominion closes on first phase of solar sale to SunEdison

Source: Dominion

Dominion announced that it has closed on the first phase of its previously announced sale of a 33% ownership interest in 425 megawatts (AC) of solar generating capacity to SunEdison, Inc.

Dominion (NYSE: D) announced that it has closed on the first phase of its previously announced sale of a 33 percent ownership interest in 425 megawatts (AC) of solar generating capacity to SunEdison, Inc. (NYSE: SUNE). Dominion received approximately $180 million for the first phase, which includes an ownership interest in 253 megawatts (AC) of solar generating capacity at 15 sites in five states.

The second phase is expected to close by early 2016 for approximately $120 million, subject to working capital and certain other adjustments. It consists of a 33 percent ownership interest in nine projects in three states – totaling 172 megawatts (AC) of generating capacity.

Dominion expects to pay down debt with the cash proceeds.

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

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...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs