SunEdison claims that it was unsatisfied with certain conditions precedent to closing of the agreement, due to which it decided to terminate the deal.
Sun Edision has also backed up from the agreement between TerraForm Global and and Renova Energia for the acquisition of certain development-stage projects that were meant to be sold by SunEdison to TerraForm Global as call rights projects.
However, the joint venture agreement between Renova and SunEdison to develop own, and operate1GW of utility scale solar photovoltaic projects to supply the Brazilian Regulated Electricity Market remains.
SunEdison initially entered into a securities purchase agreement with Light Energia in which SunEdison agreed to acquire all of Light Energia’s 16% shares in Renova for $250m.
SunEdison chief financial officer Brian Wuebbels said: "While it is disappointing that the agreement was terminated, we remain committed to Brazil.
"In addition, Renova remains a valued partner and we look forward to continuing our relationship with them on our solar development joint venture."
In October, SunEdison also terminated acquisition of Latin America Power (LAP), which included 613MW portfolio of solar, wind and hydro projects in Chile.
