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SunEdison acquires 50% stake in Riverstone-backed Silver Ridge Power

19 Jun 2014

solarSolar wafers maker SunEdison has agreed to buy a 50 per cent interest in solar power company Silver Ridge Power (SRP), which is backed by private equity firm Riverstone.

The stake was sold by AES Corp and Riverstone will retain its 50 per cent interest in the business.

Via its ownership of SRP, SunEdison will own 50 per cent of 336 MW of solar power plant operating projects and a 40 per cent interest in the Tenaska Imperial Solar Energy Center West 183 MW solar power facility, which is expected to be completed in 2016.

SunEdison said that it expects to buy Riverstone’s share of SRP’s interest in Tenaska Imperial Solar Energy Center West and to contribute a total of a 40 per cent interest in Tenaska Imperial Solar Energy Center West to SunEdison’s yieldco subsidiary in 2016.

Riverstone partner Michael Hoffman said, “We’re pleased to welcome SunEdison, a leader in project development, finance and asset ownership, as our new partner in SRP.”

Earlier this month Riverstone merged PPL Corp‘s competitive energy unit with its power generation portfolio.

The new business, Talen Energy, will to own and operate more than 15,000 megawatts of diverse generating capacity in the US.

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