SRP is a joint venture between AES and energy and power-focused private investment company Riverstone.
Under the deal, SunEdison will acquire AES’ majority of interests in existing and future PV projects in the US, Europe and India.
SunEdison will also have an option to acquire AES’ 50% stake in 130MW of additional capacity in Italy for $42m by August 2015.
The remaining 50% stake of SRP will continue to be held by an affiliate of Riverstone.
SunEdison will also acquire a 40% stake in the 183MW Tenaska Imperial Solar Energy Center West facility, which is expected to be completed in 2016.
SunEdison CEO Ahmad Chatila said SRP has various strong projects in operation.
"We’re looking forward to working with Riverstone, a recognized leader in energy project finance and investing, to continue to monetize SRP’s operating projects," Chatila added.
AES plans to retain its stakes in 55MW of solar PV projects in Spain and Puerto Rico.
The transaction, which is subject to regulatory approvals, is anticipated to be completed in late June 2014
In a separate transaction, AES anticipates to receive about $50m from Google’s tax-equity investment in SRP’s 266 MW Mount Signal project in California that started generating power in April 2014.
Image: AES plans to retain its stakes in 55MW of solar PV projects in Spain and Puerto Rico. Photo: Courtesy of maya picture/FreeDigitalPhotos.net.
