SunEdison, Inc. and TerraForm Power, Inc. today announced the interconnection of two large-scale solar projects totalling 50MW DC in the UK.
The solar projects will become part of TerraForm Power's operating portfolio before the end of 2014, and SunEdison will continue to manage them. The energy produced from the projects will be purchased by Statkraft through a Power Purchase Agreement (PPA).
"As a global company, we have outstanding resources that give us a distinct competitive advantage, which is demonstrated through our strategic partnerships with best-in-class partners. Our partnerships with TerraForm Power and Santander, among others, allow us to maximise our impact on projects around the world and give a clear sign to our shareholders that we are continually striving to add value to our organisation" said José Pérez, SunEdison's president of EMEA and Latin America.
"The interconnection and eventual drop-down of these major solar projects demonstrates the mutual benefits of our partnership with SunEdison," said Carlos Domenech, president and chief executive officer of TerraForm Power. "SunEdison can accelerate the growth of its global pipeline with the knowledge that TerraForm will allow them to benefit from long-term ownership, and, as SunEdison's projects come on-line, we are well positioned to acquire them and generate increased CAFD for our investors."