Major PV energy provider, SunEdison, has completed the acquisition of a 50% interest in Silver Ridge Power, a PV power plant operator, for approximately US$178.6 million in cash.
Formerly known as AES Solar and a subsidiary of AES Corporation, Silver Ridge Power has over 50 PV power plants in its fleet with a capacity of around 522MW, according to data on the company’s website.
According to SunEdison, the acquisition means its has a 50% interest in 336MW of operating projects, including the 266MW Mt. Signal PV power plant in California.
The deal also includes a 40% interest in the 183MW Tenaska Imperial Solar Energy Center West facility, which is not expected to be completed until sometime in 2016.
SunEdison noted that 50% of the outstanding limited liability company interests of Silver Ridge Power would remain held by an affiliate of Riverstone Holdings, although following completion of the Tenaska Imperial project the company expects to acquire Riverstone's share of Silver Ridge Power’s interest in the Tenaska Imperial project.
The company is also providing O&M and asset management services for Silver Ridge Power complete project portfolio.
As a result of the asset purchases, SunEdison is bulking up its portfolio of retained PV power plants ahead of the planned IPO of its yield co, TerraForm Power. The majority of existing PV power plant assets of Silver Ridge Power are located in Europe and are comprised of small-scale ground-mounted plants below 10MW, with many below 5MW in size.