SunEdison Inc. has further strengthened its proposition in California with this week’s acquisition of Silver Ridge Power (SRP) in a joint venture with Riverstone Holdings LLC.
The Californian solar company has purchased 50% of SRP, with Riverstone holding the remaining 50%. SunEdison’s stake in the deal adds 336 MW of installed solar PV plants in California to its portfolio, as well as a 40% stake in the Tenaska Imperial Solar Energy West Center, which is a 183 MW PV facility that is scheduled for completion in 2016.
Additional SRP assets set to come under 50% SunEdison control when the deal is finalized later this month include the 266 MW Mt. Signal solar project in California.
"SRP has several strong projects in operation," said SunEdison CEO Ahmad Chatila. "Were looking forward to working with Riverstone, a recognized leader in energy project finance and investing, to continue to monetize SRPs operating projects."
Riverstone partner Michael B. Hoffman added: "Were pleased to welcome SunEdison, a leader in project development, finance and asset ownership, as our new partner in SRP."
In recent months, SunEdison has successfully pursued a number of new ventures, including a 88 MW PPA deal in the U.K., raised a $50 million initial public offering (IPO) for its TerraForm Power unit, and also connected California’s largest Renewable Auction Mechanism (RAM) program a 24 MW solar plant located in the Californian desert.
These early-year acquisitions and investments have added to an already-robust 3.4 GW project pipeline as of Q4 2013. Despite end-of-year losses, SunEdison has gone on the offensive so far in 2014 as the company looks to widen its revenue streams after suffering heavy losses towards the tail-end of last year.
However, figures released by the company in May revealed deeper losses of $613.6 million for the first quarter of 2014 some $330 million more than was lost in Q4 2013. SunEdison CEO insists, however, that the company’s pipeline and diversification operations set SunEdison in good stead for the longer-term future.