SunEdison Reaches Deal to Extinguish Debt, Takes Stake in Dominion
30 Diciembre 2015 - 7:52AM
Noticias Dow Jones
By Anne Steele
SunEdison Inc. said Wednesday that a subsidiary would extinguish
$336 million in exchangeable notes, with holders of the debt
getting interest in renewable energy assets under development and
shares of TerraForm Power Inc., one of the renewable energy
development company's two yieldcos, in exchange.
Shares of SunEdison, which tend to be volatile, rose 5.2% in
premarket trading.
SunEdison's energy financing vehicles, known as yieldcos, raise
money from public investors to buy power projects from developers,
then sell power to utilities under long-term contracts.
Also Wednesday, the company said it and Terra Nova Renewable
Partners--a partnership formed between SunEdison and institutional
investors--have acquired a 33% stake in a 336 megawatt DC portfolio
of operating solar power plants from Dominion Resources Inc. for
$180 million plus a working capital adjustment.
The aquisition marks the first of two parts of a deal announced
in September for 24 solar portfolio projects, with a total capacity
of 567 megawatts DC located in Indiana, Georgia, Connecticut,
California, Tennessee and Utah. This first phase includes 15
projects that generate 336 megawatts DC. The second phase is
expected to close in early 2016 for about $120 million, according
to Dominion.
Write to Anne Steele at anne.steele@wsj.com.
(END) Dow Jones Newswires
December 30, 2015 08:37 ET (13:37 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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