MARYLAND HEIGHTS, Mo.,
Jan. 19, 2016 /PRNewswire/
-- SunEdison, Inc. (NYSE: SUNE), the largest global renewable
energy development company, today announced that it has completed
the second phase of its transaction to acquire a 33 percent
ownership interest in a 567 megawatt DC solar portfolio from
Dominion (NYSE: D).
SunEdison acquired a 33 percent interest in the remaining 231
megawatt portion of Dominion's 567 megawatt portfolio of solar
power plants for $117 million.
At the same time, Terra Nova Renewable Partners, the strategic
equity partnership formed between SunEdison and institutional
investors advised by J.P. Morgan Asset Management – Global Real
Assets, acquired SunEdison's interest in the transaction from
SunEdison for the same price. Terra Nova now owns the 33 percent
interest in Dominion's 567 megawatt DC portfolio of solar power
plants acquired through the consummation of both phases of the
transaction.
Terra Nova, through an indirect subsidiary, has the option to
buy the remaining 67 percent of the portfolio when certain trigger
events occur. This completes the two phases of the Dominion
transaction announced in September
2015.
SunEdison has the option to repurchase the projects from the
partnership for a period of five years and may assign TerraForm
Power, Inc. (Nasdaq: TERP), a global owner and operator of clean
energy power plants, call rights to the projects should they be
repurchased. Any projects not repurchased by SunEdison would
continue to be owned by the partnership.
"We are pleased that the Terra Nova partnership has invested in
Dominion's diverse, domestic portfolio of solar assets," said
Brian Wuebbels, SunEdison's chief
financial officer. "With Terra Nova acquiring the assets, we retain
an option to acquire high quality contracted cash flows in the
future."
The 567 megawatt solar portfolio consists of 24 projects which
are located in Indiana,
Georgia, Connecticut, California, Tennessee, and Utah. This second phase of the transaction is
for nine of those projects. The solar portfolio's total power
output has been contracted with industry leading utilities and
power offtakers and has a weighted remaining contract term of 19.8
years.
Asset
|
Megawatt
Capacity
(DC)
|
Status
|
Pavant
|
62.3
|
Under
construction
|
Cottonwood
Carport
|
1.1
|
Operating
|
Cottonwood
Corcoran
|
14.7
|
Operating
|
Cottonwood Goose
Lake
|
16.9
|
Operating
|
Richland
|
33.7
|
Under
construction
|
Alamo
|
23.7
|
Operating
|
Maricopa
West
|
28.2
|
Under
construction
|
Catalina 2
|
24.3
|
Under
construction
|
Imperial
Valley
|
25.9
|
Operating
|
The Terra Nova partnership was announced during September 2015. Under the partnership commitment,
J.P. Morgan Asset Management's clients are expected to provide
equity to purchase renewable energy projects developed or purchased
by SunEdison. Remaining project costs are expected to be
funded with a combination of limited recourse commercial bank debt
and/or tax equity.
KeyBanc Capital Markets and Santander
Bank served as advisors to SunEdison. CohnReznick Capital
Markets served as financial advisor and Milbank, Tweed, Hadley
& McCloy LLP served as legal advisor to J.P. Morgan Asset
Management.
About SunEdison
SunEdison is the largest global renewable energy development
company and is transforming the way energy is generated,
distributed, and owned around the world. The company develops,
finances, installs, owns and operates renewable power plants,
delivering predictably priced electricity to its residential,
commercial, government and utility customers. SunEdison is one of
the world's largest renewable energy asset managers and provides
customers with asset management, operations and maintenance,
monitoring and reporting services. Corporate headquarters are in
the United States with additional
offices and technology manufacturing around the world. SunEdison's
common stock is listed on the New York Stock Exchange under the
symbol "SUNE." To learn more visit www.sunedison.com.
About J.P. Morgan Asset Management – Global Real
Assets
J.P. Morgan Asset Management – Global Real Assets has more than
$87 billion in assets under
management and more than 400 professionals in the U.S.,
Europe and Asia Pacific, as of September 30, 2015. With a 45-year history of
successful investing, J.P. Morgan Asset Management – Global Real
Assets' broad capabilities provide many of the world's most
sophisticated investors with a global platform of real estate,
infrastructure and transportation strategies driven by local
investment talent with disciplined investment processes
consistently implemented across asset types and regions. The Global
Real Assets team is part of J.P. Morgan Asset Management's
Alternatives Investments business, which collectively manages over
$120 billion in client assets across
real assets, hedge funds, credit and private equity. For more
information: jpmorgan.com/institutional/global_real_assets
Forward Looking Statements
This communication contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements involve estimates, expectations, projections, goals,
assumptions, known and unknown risks, and uncertainties and
typically include words or variations of words such as
"anticipate," "believe," "intend," "plan," "predict," "outlook,"
"objective," "forecast," "target," "continue," "will," or "may" or
other comparable terms and phrases. All statements that address
operating performance, events, or developments that SunEdison
expects or anticipates will occur in the future are forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those suggested by the forward-looking statements. Factors
that might cause such differences include, but are not limited to,
a variety of economic, competitive, and regulatory factors, many of
which are beyond SunEdison's control and are described in
SunEdison's Form 10-K for the fiscal year ended December 31, 2014, as well as additional factors
it may describe from time to time in other filings with the
Securities and Exchange Commission. Forward-looking statements
provide SunEdison's current expectations or predictions of future
conditions, events, or results and speak only as of the date they
are made, but SunEdison can give no assurance that these
expectations and assumptions will prove to have been correct and
actual results may vary materially. SunEdison disclaims any
obligation to update or revise any forward-looking statement,
except as required by law.
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SOURCE SunEdison, Inc.