SunEdison and fellow U.S. renewable energy group TerraForm Power have connected two two large-scale solar projects totalling 50 MW to the grid in the United Kingdom.
TerraForm Power will acquire the projects by the end of the year, although SunEdison will continue to manage them.
Norwegian renewable energy company Statkraft, a leading buyer of independently generated electricity in the U.K., will purchase the energy produced from the projects through a power purchase agreement (PPA).
In June 2014, SunEdison and Santander Global Banking and Markets closed a non-recourse debt financing arrangement for the construction of the projects.
"As a global company, we have outstanding resources that give us a distinct competitive advantage, which is demonstrated through our strategic partnerships with best-in-class partners," said José Pérez, SunEdison’s president of EMEA and Latin America.
TerraForm President and CEO Carlos Domenech added, "The interconnection and eventual drop-down of these major solar projects demonstrates the mutual benefits of our partnership with SunEdison. SunEdison can accelerate the growth of its global pipeline with the knowledge that TerraForm will allow them to benefit from long-term ownership, and, as SunEdison’s projects come on-line, we are well positioned to acquire them and generate increased CAFD [cash available for distribution] for our investors."
Once operational, the solar power plants will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 monitoring services. SunEdison said data collected by the ROC is used to continuously improve products, project designs and service offerings.