The companies have reached an agreement to this effect.
Earlier this month, SunEdison announced that it would stop selling projects to its two yieldcos until market conditions improved, as reported by Reuters.
SunEdison Asia Pacific president Pashupathy Gopala was quoted by Reuters as saying: "We’ll go through evaluation of good opportunities and wherever it makes sense we’ll continue to transact with the cash available in our yieldcos already."
The solar power projects being sold will replace a portion of the projects and the associated CAFD that were part of TerraForm Global’s initial portfolio, which have subsequently been terminated acquisitions.
TerraForm Global CEO Brian Wuebbels said: "This transaction provides higher yields replacing lower-yielding IPO projects that were intended to be acquired through M&A and is consistent with our strategy to focus on organic growth provided by our sponsor.
"We are pleased to be able to add these accretive assets with 20 year contracted cash flows to TerraForm Global’s portfolio and believe they are critical to achieving our 2016 dividend guidance."
The Business Standard reported that SunEdison will also reduce its workforce in India by 5%.
In addition to operating 450MW of solar plants in the country, SunEdison has around 800MW of projects under development and has recently secured a contract for another 500MW in the state of Andhra Pradesh.
The government of India is aimed at having 100GW of installed solar capacity by 2022, in a bid to reduce dependency on coal to generate electricity and combat climate change.
Image: SunEdison has around 800MW of projects under development. Photo: courtesy of David Castillo Dominici / FreeDigitalPhotos.net.
