SunEdison and KGAL recently finalized an agreement that sees KGAL buying 33MW of solar PV systems from SunEdison, which are located in Italy and Spain. Financial and specific project details were not released, but the recent acquisition comes after KGAL completed a 20MW purchase from SunEdison in Q2 2011.
“Investing in these projects developed by SunEdison enables us to add new valuable assets to our renewable energy portfolio, utilizing mature technologies, in one of the fastest growing segments of energy infrastructure,” said Dr. Klaus Wolf, managing director of KGAL. “We believe this new investment and the whole portfolio of our renewable energy assets will generate a predictable long-term cash flow suitable to our focus on long-term infrastructure market…”
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The solar projects that KGAL has bought were developed by SunEdison’s utility-scale projects division. In total, the 12 acquired projects hold an installed capacity of 53MW and will be monitored, maintained and operated by SunEdison under long-term agreements.