SunEdison Acquires A 50% Ownership Stake in Silver Ridge Power Joint Venture
SunEdison completed its acquisition of a 50% ownership stake in Silver Ridge Power (SRP) from a subsidiary of AES for approximately $178.6 million in cash. Through its ownership in the SRP joint venture, SunEdison now owns a 50% interest in 36 MW of solar power plant operating projects, including the 266-MW Mt. Signal solar project in California, and a 40% interest in the Tenaska Imperial Solar Energy Center West 183-MW solar power facility to be completed in 2016. The other 50% of the outstanding limited liability company interests of SRP remain held by an affiliate of Riverstone Holdings. SunEdison will provide operations and management (O&M) and asset management for SRP's entire projects portfolio.