SunEdison acquires 33% interest in Dominion PV portfolio, Terra Nova acquisition follows

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The first phase of the deal was announced last September. Credit: Dominion

Renewable energy firm SunEdison has completed the second phase of a deal to acquire a 33% interest in US utility Dominion’s 567MW portfolio of solar projects for US$117 million.

Simultaneously, Terra Nova Renewable Partners acquired SunEdison's interest in the transaction for the same price. Terra Nova is a strategic equity partnership between SunEdison and institutional investors advised by J.P. Morgan Asset Management – Global Real Assets.

Terra Nova now owns the 33% interest, which accounts for nine projects in Dominion’s solar portfolio, including:

  • Pavant, 62.3MW
  • Cottonwood Carport, 1.1MW (under construction)
  • Cottonwood Corcoran, 14.7MW
  • Cottonwood Goose Lake, 16.9MW
  • Richland, 33.7MW
  • Alamo, 23.7MW
  • Maricopa West, 28.2MW
  • Catalina 2, 24.3MW
  • Imperial Valley, 25.9MW

Dominion’s overall 567MW portfolio consists of 24 projects in Indiana, Georgia, Connecticut, California, Tennessee and Utah.

Through an indirect subsidiary, Terra Nova now has the option to buy the remaining 67% of Dominion’s portfolio. This completes both phases of the Dominion transaction that was reported in September last year along with the formation of Terra Nova.

SunEdison also has the option to repurchase the projects from the partnership for a period of five years. The company may also assign call rights to the projects, should they be repurchased, to its yieldco TerraForm Power.

Brian Wuebbels, SunEdison's chief financial officer, said: “We are pleased that the Terra Nova partnership has invested in Dominion's diverse domestic portfolio of solar assets. With Terra Nova acquiring the assets, we retain an option to acquire high quality contracted cash flows in the future.”

Read Next

July 15, 2020
A round-up of policy developments and project news from the US, where Massachusetts’ SMART programme has doubled its capacity and plans to launch a regional imbalance market in the Southeast have come under scrutiny.
November 1, 2019
Dominion Energy is adding a 150MW PV project in Prince George County, Virginia, that will stand as the largest solar installation in Dominion Energy's portfolio within the state.
October 28, 2019
Dominion Energy has acquired a 72MW PV project from First Solar that is expected to enter service in late 2019. The installation will provide power and renewable energy attributes under a Dominion Energy South Carolina contract that was previously filed and accepted in South Carolina.
October 21, 2019
The deal, which Dominion says is largest ever brokered by a US state government, comprises four different solar projects set to come online before 2023, as well as one wind project.
October 10, 2019
Canada's Brookfield adds to growing solar portfolio by becoming co-owner alongside financial giant KKR, in deal that saw original owner Acek shed final 20% stake.
September 26, 2019
Dominion Generation, Inc., a wholly owned subsidiary of Dominion Energy, has acquired two PV installations from Savion LLC, a subsidiary of Macquarie's Green Investment Group.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021