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Identities of Buyers of Hudson Energy Solar Disclosed
TerraForm Power Inc., a global owner and operator of renewable energy power plants, and SunEdison, Inc. are the buyers of the assets of Hudson Energy Solar Corporation, Just Energy's commercial solar division.
Just Energy had previously announced that a buyer had been found for its Hudson Energy Solar division, but did not disclose the buyer.
TerraForm Power said that it and SunEdison will split Hudson Energy Solar.
The 101 projects comprising Hudson's operating portfolio of approximately 25.5 MWp will go to TerraForm Power, while Hudson's 4.5 MWp development pipeline will be acquired by SunEdison and added to TerraForm Power's call right project list.
Just Energy Group will also provide TerraForm Power with a right-of-first-offer agreement to acquire new operating solar projects built for Just Energy's commercial and industrial customers in four states (New Jersey, New York, Massachusetts and Pennsylvania), TerraForm said.
TerraForm Power will provide upfront consideration of approximately $35 million to acquire the assets, including cash consideration to Just Energy Group and debt repayment; approximately $21 million of project level debt will be assumed with the portfolio.
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October 9, 2014
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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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