SunEdison sells off 98 MW worth of European PV projects

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In Bulgaria, SunEdison sold a 60 MWp plant, located in the village of Karadzhalovo, Parvomay, to a consortium of investors, including an affiliate of First Reserve Energy Infrastructure Fund, Turkish-based Crescent Capital, the European Investment Bank, and Saudi Arabia’s ACWA Power.

The plant, which received €155 million funding from World Bank Group member IFC, Overseas Private Investment Corporation (OPIC) and Unicredit, was grid-connected in March.

Meanwhile, in Italy, SunEdison sold a photovoltaic portfolio worth 13 MWp to U.K.-based Eoxis. The four plants are located in the region of Campania and and Puglia, and were grid connected in late 2011. In a separate transaction, the two parties closed financing on two of the projects in the portfolio through a €24.9 million non-recourse, long-term senior debt facility with Centrobanca (UBI Banca Group).

Also in Italy, SunEdison sold a 25 MWp photovoltaic plant to an unidentified institutional investor. The plant has been operational since the fourth quarter of last year and is located in Puglia.

Commenting, Carlos Domenech, SunEdison president, said, "These transactions are a perfect example of SunEdison’s continued ability to structure and execute complex transactions, while aligning world class investors who recognize the growing role solar plays in fulfilling today’s energy needs worldwide."

In a statement released last week, SunEdison said that cash received on the closing of the above transactions will be included in its second quarter cash balances, "although revenue recognition on the transactions will be subject to applicable revenue recognition rules".