Greenko finalizes 587 MW SunEdison acquisition

SunEdison has now sold all of its solar PV projects in India, after wrapping up the sale of 539 MW of solar projects that are either in operation or in development stage to Greenko, as reported by Mercom Capital. A significant pipeline of solar projects is also part of the deal, which may see Greenko elect to develop them some time in the future.

As part of the deal, Greenko has acquired 214 MW of solar projects that are already operational, 325 MW of solar projects that are at various different stages of development, and a further 48 MW of wind projects. Interestingly, the Indian company has also acquired a pre-construction solar pipeline of 900 MW, which means it may very well go on to develop them as well.

This accounts for the lion’s share of Sunedison’s 393 MW of Indian solar projects that are currently in operation. Terraform Global acquired 177 MW of the company’s solar projects, while Amplus acquired the remaining 2.5 MW of projects.

Greenko has made an upfront payment of USD 42 million for the projects, as well as taking on USD 350 million of SunEdison’s debt, meaning that the total transaction price is in the region of USD 392 million.

Indian company Greeko had previously focused on hydro, wind, biomass, and natural gas, and this acquisition marks its first major foray into the solar market. The company is backed up by Singapore’s government sovereign wealth fund CIG, who has a majority stake in Greenko Energy Holdings, and Abu Dhabi Investment Authority that recently raised capital for the company.

“The proposed acquisition of SunEdison’s India assets is expected to immediately accelerate capacity, revenue, EBITDA growth and drive overall earnings growth potential for Greenko and its stakeholders,” commented Greenko Managing Director and CEO Anil Chalamalasetty.