SunEdison Acquires Major Asian Wind Generation Firm
SunEdison has signed an agreement to acquire Continuum Wind Energy Ltd., a Singapore-based wind power generation company with significant operations in India.
Continuum owns and operates wind power plants in Maharashtra and Gujarat states, as well as several other power generation projects under construction in Madhya Pradesh and six other Indian states.
“India is a core market for SunEdison and offers growth opportunities in wind and solar energy,” says Ahmad Chatila, SunEdison president and chief executive officer.
“With the acquisition of Continuum, a leading wind energy company in India, we have added significant assets and a skilled wind development team to drive further growth in our renewable energy development platform,” he adds.
Missouri-based SunEdison says it intends to place the power plants acquired from Continuum on the operational call rights list for power generation developer TerraForm Global.
Operation and maintenance of the wind power plants will be performed by a subsidiary, SunEdison Services, which provides global 24/7 asset management, monitoring and reporting services.
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Subject to regulatory approvals, third-party consents and customary closing conditions, a definitive agreement is expected in the third quarter of this year.
The acquisition of Continuum is seen as the first phase of SunEdison‘s recently announced plans to invest $15 billion in India by 2020. The country currently ranks fifth in the world in total existing wind power capacity.
“We believe much of the growth of renewable energy over the next 15 years will be from emerging markets, and much of it will be from India and China,” says Pashupathy Gopalan, SunEdison’s senior executive in Asia.
Earlier this year, the company said it will invest $2 billion, in addition to its own $15 billion plan, in a joint venture with India’s Adani Group to build a facility to manufacture solar power generation equipment.