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SunEdison buys seven renewable energy portfolios

Staff writer |
SunEdison announced the signature of definitive agreements to acquire five portfolios of renewable energy projects and two corporate platforms, LAP Holding, BV in Latin America and two subsidiaries of Honiton Energy Holding in China.

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Through these combined transactions, SunEdison will secure 757 MW of operating projects and 1,918 MW of ROFO projects, of which 534 MW are operating ROFO projects enhancing visibility into acquisition opportunities in emerging markets.

In connection with the referenced acquisitions, SunEdison announced that Blackstone Group, Everstream Opportunities Fund II and Altai Capital Management have made an investment of $175 million in a SunEdison subsidiary.

SunEdison also announced that it has secured a $362 million non-recourse acquisition facility, the Acquisition Bridge Facility, for the emerging market initiatives with JPMorgan Chase Bank, Barclays, Citi and Morgan Stanley.

Proceeds of the Acquisition Bridge are available for the funding of third party acquisitions of operating renewable energy projects. The remainder of the funds required in connection with the acquisitions will be raised through capital markets transactions.

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