SunEdison, one of the world’s largest renewable energy development companies, just got larger, globally, announcing two acquisition agreements – one with Continuum Wind Energy Limited, Singapore, with assets in India, and Globeleq Mesoamerica Energy (GME), Central America’s leading renewable energy company.
Continuum owns and operates 242 MW AC of wind power plants in Maharashtra and Gujarat states, as well as 170 MW of wind power under construction in Madhya Pradesh state, and has more than 1,000 MW of wind power plants in development across six states in India.
“India is a core market for SunEdison and offers growth opportunities in wind and solar energy,” said Ahmad Chatila, SunEdison president and chief executive officer. “With the acquisition of Continuum, a leading wind energy company in India, we have added significant assets and a skilled wind development team to drive further growth in our renewable energy development platform. This acquisition reinforces SunEdison’s commitment to India and will drive immediate shareholder value.”
SunEdison intends to place the power plants acquired from Continuum on the operational call rights list for TerraForm Global. Operation and maintenance of the wind power plants will be performed by SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.
More mergers and acquisitions
SunEdison will acquire a 70 percent interest in GME from Actis, a global pan-emerging market private equity investor focused on the energy sector, and a 30 percent interest from Mesoamerica Power Limited.
Through the acquisition, SunEdison will acquire GME’s development and asset management platform: a portfolio consisting of four operating wind power plants with a capacity of 243 MW AC, and a solar power plant with a capacity of 82 MW DC located in Costa Rica, Honduras and Nicaragua; 80 MW AC of wind farms entering construction in Costa Rica; and a pipeline of 246 MW AC of wind under development in various countries across Central America.
“The acquisition of GME strengthens SunEdison’s leadership position in the global wind energy market and significantly expands our presence in Central America, a region that offers growth opportunities for our emerging markets development platform,” Chatila said. “With this acquisition we not only gain an experienced and talented management team with a proven track record in the region, but also position ourselves to accelerate our performance and deliver attractive returns to our shareholders.”
— Solar Builder magazine