SunEdison, a unit of MEMC Electronic Materials Inc. (NYSE: WFR), completed its acquisition of Fotowatio Renewable Ventures Inc., a unit of Fotowatio Renewable Ventures, for $131 million.
At closing, MEMC paid $112 million, plus $19 million in intercompany loans and capital contributions. Under terms of the acquisition, up to an additional $103.6 million may be paid should Fotowatio hit performance targets.
Fotowatio’s solar portfolio includes 42 MW in operation in the U.S. and 28 projects in various stages of development for a total of 1.4 GW of solar capacity. Staff will remain in northern California and will report into SunEdison.
This article was reprinted with permission from Power Engineering as part of the PennWell Corporation Renewable Energy World Network and may not be reproduced without express written permission from the publisher.