Following the acquisition, the remaining 50% of SRP will continue to be held by an affiliate of Riverstone Holdings LLC (“Riverstone”). After closing, Riverstone and SunEdison expect the joint venture to contribute the Mt. Signal project to SunEdison’s yieldco subsidiary. In addition, following completion of the Tenaska Imperial Solar Energy Center West project, and subject to customary closing conditions and receipt of regulatory approvals, SunEdison expects to acquire Riverstone’s share of SRP’s interest in Tenaska Imperial Solar Energy Center West and to contribute a total of a 40% interest in Tenaska Imperial Solar Energy Center West to SunEdison’s yieldco subsidiary in 2016.
“SRP has several strong projects in operation,” said Ahmad Chatila, CEO of SunEdison. “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.”
“We’re pleased to welcome SunEdison, a leader in project development, finance and asset ownership, as our new partner in SRP,” said Michael B. Hoffman, a Partner at Riverstone.
The transactions with AES and Riverstone are subject to purchase price adjustments and customary regulatory approvals, including Federal Energy Regulatory Commission (FERC) approval and an antitrust review under the Hart-Scott-Rodino (HSR) Act. These approvals are expected in late June 2014.
SunEdison is a global leader in transforming how energy is generated, distributed and owned. SunEdison manufactures solar technology and develops, finances, installs and operates distributed solar power plants, delivering predictably priced electricity and services to its residential, commercial, government and utility customers. SunEdison also provides 24/7 asset management, monitoring and reporting services for hundreds of solar systems worldwide via the company’s Renewable Operation Center (ROC). SunEdison has offices in North America, Europe, Latin America, Africa and Asia. SunEdison’s common stock is listed on the New York Stock Exchange under the symbol “SUNE.”
About Riverstone Holdings LLC
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration and production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houstonand Mexico City, the firm has committed approximately $26.1 billion to 108 investments in North America, Latin America, Europe, Africa and Asia.