Upon completion of the Alto Cielo, S.A. PV project, scheduled for this December, Spain-based Solarpack will sell the 100% equity interest to TerraForm Global for an undisclosed sum. The project forms part of the renewable energy portfolio acquisition SunEdison announced last week, which also includes projects in Brazil, China, India, Peru, Chile and South Africa.
Located in the Tomás Gomensoro locality of Uruguays Artigas Department, the generated solar power will be sold under a 28 year power purchase agreement with the National Administration of Power Plants and Electrical Transmissions (UTE), Uruguays state-owned utility. Solarpack will finance, build and operate the system.
In May 2013, the Uruguayan government approved a law allowing the purchase of 200 MW at a maximum price of US$91.50 per megawatt hour for plants of between five and 50 MW. The law also calls for an additional 6 MW from smaller plants.
In related news, earlier today, SunEdison announced it was considering implementing a general partnership (GP) business structure as part of a master limited partnership (MLP) to help it more effectively manage its TerraForm yieldco platforms.