TerraForm Global, a clean power yieldco founded by troubled renewable energy developer SunEdison, last week completed a $35.4 million acquisition of a 26.4 MW solar farm in Uruguay in its first such deal since filing a lawsuit against its parent company.
The Alta Cielo solar farm was developed by Spanish EPC Solarpack Corp. Tecnologica SL and was connected to the Uruguayan grid in March. TerraForm Globals successful acquisition is a statement of independent intent by the holding company, which last week opened legal proceedings against SunEdison under the allegation that some $231 million in cash was misappropriated by the firm in order to stave off an impending default.
According to the lawsuit filed with the Securities and Exchange Commission (SEC), TerraForm accuses SunEdison of steering money intended for solar farm development in India away from those projects and into a loan repayment that, it is alleged, the company would have been unable to otherwise meet.
In acquiring the Alta Cielo solar plant, TerraForm now has a presence in the stirring Uruguayan solar market. The 26.4 MW farm is located in the countrys Artigas department and has a 28-year PPA with the state-owned utility, National Administration of Power Plants and Electrical Transmissions (UTE).
For SunEdison, meanwhile, it is increasingly a matter of when, not if, the firm files for bankruptcy following a series of costly missteps and overreaches this past year that have left the companys finances in dire straits.