SunEdison Announces Sale of Solar Projects in Italy and Spain to KGAL
BELTSVILLE, Md., Oct. 10, 2011 /PRNewswire/ -- SunEdison, a leading worldwide solar energy services provider and subsidiary of MEMC Electronic Materials (NYSE: WFR), announced today that KGAL GmbH & Co. has recently acquired 33 megawatts (MW) of solar photovoltaic (PV) systems located in Italy and Spain from SunEdison. The recently acquired projects follow the acquisition of 20 MW from SunEdison in the second quarter. The total of 12 projects with a total installed capacity of 53 MW, will be monitored, maintained and operated by SunEdison under long-term agreements.
SunEdison is one of the world's leading solar photovoltaic energy providers, with more than 500 solar photovoltaic power plants under management. KGAL is a German investment company owned by Commerzbank, BayernLB, HASPA Finanzholding and Sal. Oppenheim.
The solar portfolio acquired by KGAL has been developed by SunEdison's utility scale projects division. The company is also present in other two strategic business areas in the European market, including Commercial Rooftops and Residential solutions.
Pancho Perez, General Manager of SunEdison for Europe, Middle East, North Africa and Latin America commented, "This transaction demonstrates SunEdison's ability to create attractive solar investments with innovative financing and proven cost structures. It also proves our commitment toward the Italian and Spanish solar markets, where we continue to develop and build outstanding projects, as well as support top local developers. We are very pleased to partner with KGAL, one of Europe's leading investors in Renewable Energy and look forward to expanding our relationship with future projects."
"Investing in these projects developed by SunEdison enables us to add new valuable assets to our renewable energy portfolio, utilizing mature technologies, in one of the fastest growing segments of energy infrastructure," said Dr. Klaus Wolf, Managing Director of KGAL. "We believe this new investment and the whole portfolio of our renewable energy assets will generate a predictable long-term cash flow suitable to our focus on long-term infrastructure market. We have found a best-in class partner in SunEdison with a proven track record of developing, building, financing and operating solar photovoltaic power plants for our European investments."
SunEdison is a global provider of solar-energy services. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. In 2010 SunEdison deployed more than 160 Megawatts of solar throughout the world. For more information about SunEdison, please visit www.sunedison.com.
MEMC is a global leader in the manufacture and sale of wafers and related intermediate products to the semiconductor and solar industries. The company has been a pioneer in the design and development of silicon wafer technologies for 50 years. With R&D and manufacturing facilities in the U.S., Europe, and Asia, MEMC enables the next generation of high-performance semiconductor devices and solar cells. Through its SunEdison division, MEMC is also a developer of solar power projects and North America's largest solar energy services provider. MEMC's common stock is listed on the New York Stock Exchange under the symbol "WFR" and is included in the S&P 500 Index. For more information about MEMC, please visit www.memc.com.
KGAL opens up intelligent solutions for investors in the area of real capital investments. As at 31.12.2010, the KGAL Group managed an investment volume of EUR 25.2 billion in real estate and investment entities. We currently manage capital for investors with 111,700 equity investments in a total of 159 active limited partnership funds. They include retail funds, funds for institutional investors and individual investments for wealthy clients. Our investors have entrusted to us EUR 6.5 billion in equity capital for these funds. In separate ratings, the leading analysts Feri EuroRating Services AG and Scope Analysis GmbH both rank the management quality at KGAL as AA, or "very high".
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