MARYLAND HEIGHTS, Mo. and BETHESDA, Md., Nov. 24, 2015 /PRNewswire/ -- SunEdison, Inc. (NYSE: SUNE), the largest global renewable energy development company and TerraForm Global, Inc. (Nasdaq: GLBL), a globally diversified owner and operator of clean energy projects, today announced that they have entered into an agreement for SunEdison to sell TerraForm Global a series of projects located in India for the aggregate equity consideration of $231M subject to purchase price adjustments in favor of both SunEdison and TerraForm Global. These projects will replace a portion of the projects and the associated CAFD that were part of TerraForm Global's initial portfolio, which have subsequently been terminated acquisitions.
The projects will generate 425 megawatts of capacity in aggregate. A portion of the purchase price was paid on November 20 and the remainder of the purchase price will be payable on or before December 7, 2016, unless otherwise agreed. SunEdison utilized a portion of the proceeds from the sale to partially pay down its margin loan.
"This transaction provides higher yields replacing lower-yielding IPO projects that were intended to be acquired through M&A and is consistent with our strategy to focus on organic growth provided by our sponsor," said Brian Wuebbels, Chief Executive Officer of TerraForm Global. "We are pleased to be able to add these accretive assets with 20 year contracted cash flows to TerraForm Global's portfolio and believe they are critical to achieving our 2016 dividend guidance."
"This agreement is a win-win for both SunEdison and TerraForm Global shareholders," commented Ahmad Chatila, President and Chief Executive Officer of SunEdison. "This transaction provides accretive DPS to TerraForm Global shareholders."
SunEdison is the largest global renewable energy development company and is transforming the way energy is generated, distributed, and owned around the world. The company develops, finances, installs, owns and operates renewable power plants, delivering predictably priced electricity to its residential, commercial, government and utility customers. SunEdison is one of the world's largest renewable energy asset managers and provides customers with asset management, operations and maintenance, monitoring and reporting services. Corporate headquarters are in the United States with additional offices and technology manufacturing around the world. SunEdison's common stock is listed on the New York Stock Exchange under the symbol "SUNE." To learn more visit www.SunEdison.com.
About TerraForm Global
TerraForm Global is a globally diversified owner of clean power generation assets including solar, wind, and hydro projects in attractive, high-growth emerging markets. For more information about TerraForm Global, please visit: http://www.terraformglobal.com/
Forward Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks, and uncertainties and typically include words or variations of words such as "anticipate," "believe," "intend," "plan," "predict," "outlook," "objective," "forecast," "target," "continue," "will," or "may" or other comparable terms and phrases. All statements that address operating performance, events, or developments that SunEdison or TerraForm Global expects or anticipates will occur in the future are forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond SunEdison's and TerraForm Global's control and are described in SunEdison's Form 10-K for the fiscal year ended December 31, 2014 and TerraForm Global's Form S-1, as well as additional factors they may describe from time to time in other filings with the Securities and Exchange Commission. Forward-looking statements provide SunEdison's and TerraForm Global's current expectations or predictions of future conditions, events, or results and speak only as of the date they are made, but SunEdison and TerraForm Global can give no assurance that these expectations and assumptions will prove to have been correct and actual results may vary materially. SunEdison and TerraForm Global disclaim any obligation to publicly update or revise any forward-looking statement, except as required by law.
SOURCE SunEdison, Inc.