SunEdison to Buy 33% Interest in Dominion Portfolio of Solar Assets
September 08 2015 - 9:16AM
Dow Jones News
By Tess Stynes
SunEdison Inc. agreed to acquire a 33% interest in a portfolio
of solar assets from Dominion Resources Inc. for roughly $300
million, the latest in a recent string of deals between the
companies.
Under the agreement, SunEdison also has an option to acquire the
remaining stake in the portfolio, which includes 24 projects in
California, Connecticut, Georgia, Indiana, Tennessee and Utah.
SunEdison and Dominion also agreed to a 50-50 joint venture to
develop the Three Cedars solar project in Utah.
"Our focus is shifting from constructing contracted solar to
constructing utility solar in Virginia, where we expect to develop
400 megawatts of generating capacity by 2020," said Dominion
Chairman and Chief Executive Thomas F. Farrell II.
Separately, SunEdison and an investor group advised by a unit of
J.P. Morgan Chase & Co. unveiled a strategic partnership that
will fund renewable energy projects. This partnership, which will
be majority owned by J.P. Morgan's clients, and may be expanded
with the agreement of both partners, is initially expected to fund
the purchase 33% interest in the solar portfolio.
The partnership with the J.P. Morgan clients aims to support
added flexibility and long-term growth for both SunEdison and
renewable-energy spinoff TerraForm Power Inc.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 08, 2015 09:01 ET (13:01 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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