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.