TerraForm Global, a clean power yieldco founded by troubled renewable energy developer SunEdison, last week completed a $35.4 million acquisition of a 26.4 MW solar farm in Uruguay in its first such deal since filing a lawsuit against its parent company.
The Alta Cielo solar farm was developed by Spanish EPC Solarpack Corp. Tecnologica SL and was connected to the Uruguayan grid in March. TerraForm Globals successful acquisition is a statement of independent intent by the holding company, which last week opened legal proceedings against SunEdison under the allegation that some $231 million in cash was misappropriated by the firm in order to stave off an impending default.
According to the lawsuit filed with the Securities and Exchange Commission (SEC), TerraForm accuses SunEdison of steering money intended for solar farm development in India away from those projects and into a loan repayment that, it is alleged, the company would have been unable to otherwise meet.
In acquiring the Alta Cielo solar plant, TerraForm now has a presence in the stirring Uruguayan solar market. The 26.4 MW farm is located in the countrys Artigas department and has a 28-year PPA with the state-owned utility, National Administration of Power Plants and Electrical Transmissions (UTE).
For SunEdison, meanwhile, it is increasingly a matter of when, not if, the firm files for bankruptcy following a series of costly missteps and overreaches this past year that have left the companys finances in dire straits.
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.