SunEdison sells for 276 million the largest photovoltaic plant in Europe

Source: SUNEDISON

SunEdison has sold for 276 million to First Reserve a 70 megawatt (MW) photovoltaic solar plant located in northeastern Italy, next to the city of Rovigo, and called to become, when it is connected to the grid at the end of the year, the largest in Europe.

In a statement, SunEdison explains that the development of the project has also involved Banco Santander, which has exercised until the moment of the sale of co-owner of the plant.

First Reserve has acquired the plant through a joint venture between this company and SunEdison itself, which will have a minority stake.

Along with this, the investment funds managed by Partners Group and Perennius Capital Partners will participate with the joint venture in the development of the project.

As part of the €276 million transaction, First Reserve has made an initial payment of €46 million to SunEdison, and will pay the remainder once the plant connection has been made, before the end of the year.

First Reserve expects to close long-term debt financing deals during this quarter. As part of this effort, it has already obtained letters of commitment from several leading banks in project financing.

SunEdison President Carlos Domenech said: "This transaction demonstrates the company's ability to develop large-scale solar energy projects, work with investors in the design and implementation of financing structures, support public administrations in achieving their renewable energy targets and create green energy jobs."

Mark Florian, CEO of First Reserve Energy Infrastructure, said: "SunEdison is a leading company in the execution of large-scale projects such as Rovigo", so he was "proud" to be able to add the project to his company's portfolio. (EUROPA PRESS)

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