SunEdison +1.5% AH on deal to own half of Silver Ridge Power

|By:, SA News Editor

SunEdison (SUNE) is buying AES' 50% stake in Silver Ridge Power (SRP) for an undisclosed sum. The deal gives SunEdison 50% ownership of 336MW of operating solar projects, and 40% ownership of a 183MW CA solar project to be finished in 2016. (PR)

The remaining 50% stake in SRP will continue to be owned by Riverstone Holdings. But Riverstone and SunEdison expect SRP to contribute a 266MW operating CA solar project in its possession to SunEdison's TerraForm Power (TERP) YieldCo unit.

SunEdison also expects to buy Riverstone's share of SRP's interest in the 183MW project, and to contribute a 40% interest in the project to TerraForm in 2016.

Earlier: Solar stocks jump following SolarCity, Yingli news