In total, MEMC paid USD$215.6 million for FRV U.S. This includes around USD$19 million in inter-company loans and capital contributions.
The company added that should certain performance targets be achieved, it will pay up to an additional $103.6 million. It did not disclose, however, what these targets are.
"This complementary acquisition will help us secure a leading position in the U.S. utility market," commented Carlos Domenech, president of SunEdison and executive vice president of MEMC.
FRV U.S. has a current operational solar portfolio worth 42 megawatts (MW) in the U.S. Furthermore, it has 28 MW worth of solar projects under development there.
According to a statement released, FRV U.S. staff will remain in northern California and will report to SunEdison.
MEMC added that it will provide further transaction details during its third quarter earnings conference call in November.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.